Perini Management Services, Inc. Awarded $85 Million U.S. Coast Guard Family Housing Project in Kodiak, AK

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, has secured a task order valued at approximately $85 million from the United States Coast Guard for designing and constructing family housing at Kodiak, Alaska. The project involves building 50 family housing units in duplex configurations, including related site improvements. Work is set to begin immediately, with substantial completion expected by Q3 2025. This contract will enhance the Company's backlog for Q2 2022.

Positive

• Awarded a task order valued at $85 million, enhancing backlog.
• Construction of 50 family housing units, indicating growth opportunities.
• Immediate commencement of work, fostering revenue generation.

Negative

• None.

FRAMINGHAM, Mass.--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Perini Management Services, Inc., has been awarded a task order valued at approximately $85 million by the United States Coast Guard (USCG), for the design and construction of family housing at Nemetz Park Site, USCG Base Kodiak, in Kodiak, Alaska. The project scope of work includes construction of 50 family housing units (38 three-bedroom and 12 four-bedroom units) in 25 duplex configurations. The project also includes demolition, utilities, roads, sidewalks, and other site improvements. The work will be phased to provide incremental turnover of units for beneficial occupancy.

Work is expected to begin immediately with substantial completion anticipated in the third quarter of 2025. The contract value will be included in the Company’s second-quarter 2022 backlog.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005166/en/

Tutor Perini Corporation

Jorge Casado, 818-362-8391

Vice President, Investor Relations and Corporate Communications

www.tutorperini.com

Source: Tutor Perini Corporation

FAQ

What is the value of the task order awarded to Tutor Perini Corporation?

The task order awarded is valued at approximately $85 million.

What is the scope of the project for Tutor Perini Corporation?

The project involves the design and construction of 50 family housing units at USCG Base Kodiak, Alaska.

When is the substantial completion of the project expected?

Substantial completion is anticipated in the third quarter of 2025.

How will the task order impact Tutor Perini Corporation's backlog?

The contract value will be included in the Company’s Q2 2022 backlog.