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Perini Management Services, Inc. Awarded Three Federal Contracts Collectively Valued at $164 Million
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Rhea-AI Summary
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc., has secured three federal contracts totaling approximately $164 million. The contracts include two task orders for hurricane recovery work at USCG Sector San Juan, valued at $132.5 million, and a $31.6 million contract for seismic upgrades at the historic Ahwahnee Hotel in Yosemite National Park. Work on these projects is set to commence immediately, with completion expected by May 2027. The contract values will enhance Tutor Perini's project backlog.
Positive
Secured three federal contracts worth approximately $164 million.
Includes $132.5 million for hurricane recovery work in Puerto Rico.
$31.6 million contract for upgrades to a historical landmark, enhancing brand reputation.
Projects expected to start immediately, contributing to future revenue.
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. (PMSI), has been awarded three fixed-price federal contracts collectively valued at approximately $164 million.
Two Design-Build Hurricane Rebuild USCG Sector San Juan Task Orders in Puerto Rico
PMSI was awarded two task orders worth a combined $132.5 million by the United States Coast Guard (USCG). The combined project scope of work includes demolition of existing buildings and infrastructure, construction of new buildings, site work and paving, utilities, water distribution, waterfront work and resiliency for the base. The largest building will be the new two-story Multi-Mission Building (MMB) that will be approximately 44,000 square feet and includes an armory, station and aids to navigation (ANT) functions, and central utility plant. The work will be phased to allow continued and uninterrupted base operation by USCG personnel.
Work is expected to begin immediately with completion anticipated in May 2027.
Ahwahnee Hotel Seismic Upgrades, Yosemite National Park, California
The National Park Service has awarded PMSI a $31.6 million firm-fixed-price construction contract for the repair and upgrades to the Ahwahnee Hotel. A National Historic Landmark, the Ahwahnee Hotel built in Yosemite National Park is considered an architectural crown jewel in the National Park System due to its awe-inspiring elegance and rustic architecture. The project includes repair and upgrades to bring the year-round landmark hotel into compliance with current codes, seismic safety standards and accessibility requirements. All renovation work will follow strict guidelines with regard to preservation of the historical elements of the facility.
The combined contract values will be included in the Company’s third-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.
