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Tutor Perini Announces Contract Execution and Receipt of Notice to Proceed for the $1.66 Billion City Center Guideway and Stations Project in Honolulu

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Tutor Perini (NYSE: TPC) has announced the execution of a contract and receipt of Notice to Proceed for the $1.66 billion City Center Guideway and Stations Project in Honolulu, Hawaii. The project, awarded by the Honolulu Authority for Rapid Transportation, involves:

- Design and construction of six rail stations
- Approximately three miles of elevated rail guideway
- Scope extends from east of Middle Street Transit Center Station to Civic Center Station

Project timeline:
- Design to begin immediately
- Construction expected to start in second half of 2025
- Substantial completion anticipated by 2030

Parsons (NYSE: PSN) will serve as Tutor Perini's design subcontractor. The contract value has been added to the Company's backlog in the third quarter of 2024.

Tutor Perini (NYSE: TPC) ha annunciato l'esecuzione di un contratto e la ricezione dell'Avviso di Inizio per il Progetto delle Stazioni e della Linea di Guida City Center da 1,66 miliardi di dollari a Honolulu, Hawaii. Il progetto, assegnato dall'Autorità di Honolulu per il Trasporto Rapido, prevede:

- Progettazione e costruzione di sei stazioni ferroviarie
- Circa tre miglia di linea ferroviaria elevata
- L'ambito si estende da est della Stazione del Centro di Trasporto di Middle Street fino alla Stazione del Centro Civico

Tempistiche del progetto:
- La progettazione inizierà immediatamente
- La costruzione è prevista per il secondo semestre del 2025
- Il completamento sostanziale è previsto entro il 2030

Parsons (NYSE: PSN) fungerà da subappaltatore di progettazione per Tutor Perini. Il valore del contratto è stato aggiunto all'ordine del giorno dell'azienda nel terzo trimestre del 2024.

Tutor Perini (NYSE: TPC) ha anunciado la ejecución de un contrato y la recepción del Aviso para Proceder para el Proyecto de Estaciones y Vías de City Center de 1.66 mil millones de dólares en Honolulu, Hawái. El proyecto, adjudicado por la Autoridad de Honolulu para el Transporte Rápido, implica:

- Diseño y construcción de seis estaciones de tren
- Aproximadamente tres millas de vía elevada
- El alcance se extiende desde el este de la Estación del Centro de Transporte de Middle Street hasta la Estación del Centro Cívico

Cronograma del proyecto:
- El diseño comenzará de inmediato
- Se espera que la construcción inicie en la segunda mitad de 2025
- Se anticipa una finalización sustancial para 2030

Parsons (NYSE: PSN) actuará como subcontratista de diseño para Tutor Perini. El valor del contrato se ha agregado a la cartera de la empresa en el tercer trimestre de 2024.

Tutor Perini (NYSE: TPC)는 하와이 호놀룰루의 16억 6천만 달러 규모의 시티 센터 가이드웨이 및 역 프로젝트에 대한 계약 체결 및 진행 통지 수령을 발표했습니다. 이 프로젝트는 호놀룰루 급행교통청에서 수주한 것으로, 다음을 포함합니다:

- 6개의 기차역 설계 및 건설
- 약 3마일의 고가철도
- 범위는 미들 스트리트 환승 센터 역 동쪽에서 시민 센터 역까지 확장됩니다.

프로젝트 일정:
- 설계가 즉시 시작됩니다.
- 건설은 2025년 하반기 시작될 것으로 예상됩니다.
- 실질적인 완료는 2030년까지 예상됩니다.

Parsons (NYSE: PSN)는 Tutor Perini의 설계 하청업체로 활동할 것입니다. 계약 금액은 2024년 3분기 회사의 백로그에 추가되었습니다.

Tutor Perini (NYSE: TPC) a annoncé l'exécution d'un contrat et la réception d'un Avis de Démarrage pour le Projet des Stations et de la Voie Ferrée City Center de 1,66 milliard de dollars à Honolulu, Hawaii. Le projet, attribué par l'Autorité d'Honolulu pour le Transport Rapide, comprend :

- Conception et construction de six stations de train
- Environ trois miles de voie ferrée élevée
- Le périmètre s'étend de l'est de la Station du Centre de Transport de Middle Street jusqu'à la Station du Centre Civique

Calendrier du projet :
- La conception commencera immédiatement
- La construction est prévue pour le second semestre 2025
- L'achèvement substantiel est anticipé pour 2030

Parsons (NYSE: PSN) agira en tant que sous-traitant de conception pour Tutor Perini. La valeur du contrat a été ajoutée au carnet de commandes de l'entreprise au troisième trimestre 2024.

Tutor Perini (NYSE: TPC) hat die Ausführung eines Vertrags und den Erhalt einer Aufforderung zur Fortsetzung für das 1,66 Milliarden Dollar City Center Guideway und Stationsprojekt in Honolulu, Hawaii, bekannt gegeben. Das Projekt, das von der Honolulu Authority for Rapid Transportation vergeben wurde, umfasst:

- Planung und Bau von sechs Bahnhöfen
- Etwa drei Meilen erhöhten Schienenweg
- Der Umfang reicht von östlich der Middle Street Transit Center Station bis zur Civic Center Station

Projektzeitplan:
- Die Planung beginnt sofort
- Der Bau soll in der zweiten Hälfte von 2025 beginnen
- Der wesentliche Abschluss wird bis 2030 erwartet

Parsons (NYSE: PSN) wird als Design-Subunternehmer für Tutor Perini fungieren. Der Vertragswert wurde im dritten Quartal 2024 in das Auftragsbuch des Unternehmens aufgenommen.

Positive
  • Secured a large $1.66 billion contract, boosting revenue potential
  • Contract value added to backlog in Q3 2024, enhancing future earnings visibility
  • Long-term project with construction expected to last until 2030, providing steady work
Negative
  • Construction not set to begin until second half of 2025, delaying immediate revenue impact
  • Large-scale, long-term project carries potential risks of delays or cost overruns

Insights

The execution of this $1.66 billion contract is a significant development for Tutor Perini, substantially bolstering its backlog and providing long-term revenue visibility. This project represents approximately 116% of the company's current market capitalization, underscoring its magnitude.

Key financial implications include:

  • Immediate boost to backlog in Q3 2024, enhancing investor confidence in future earnings
  • Extended revenue stream through 2030, offering stability and predictability to cash flows
  • Potential for margin expansion, given the company's expertise in large-scale infrastructure projects
  • Improved utilization of resources and potential economies of scale

However, investors should consider the project's long timeline and potential risks such as cost overruns or delays. The delayed construction start (2025) means significant revenue recognition won't begin for some time, which could impact near-term financial performance expectations.

This project marks a important expansion of Honolulu's public transit infrastructure, addressing urban mobility challenges in a growing metropolitan area. The scope, including six rail stations and three miles of elevated guideway, is substantial and will significantly impact the city's transportation landscape.

Key points to consider:

  • Complex urban integration, requiring careful planning and execution to minimize disruption
  • Potential for transit-oriented development around new stations, possibly increasing property values
  • Environmental benefits through reduced road congestion and lower emissions
  • Long-term economic stimulus for the region, creating jobs and improving accessibility

The partnership with Parsons for design work suggests a comprehensive approach to project delivery. The extended timeline (completion in 2030) reflects the project's complexity but also allows for thorough planning and quality execution, which is important for such a large-scale urban infrastructure project.

LOS ANGELES--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has executed the contract with the Honolulu Authority for Rapid Transportation and received a Notice to Proceed with design and construction of the previously announced City Center Guideway and Stations Project in Honolulu, Hawaii.

The scope of the approximately $1.66 billion contract includes the design and construction of six rail stations and approximately three miles of elevated rail guideway beginning just east of the Middle Street Transit Center Station and ending at the Civic Center Station, which will be located just east of the intersection of Halekauwila Street and South Street in downtown Honolulu. Project design is expected to begin immediately while construction is estimated to commence in the second half of 2025. Construction of this segment is expected to be substantially completed in 2030. Parsons Corporation (NYSE: PSN) will serve as Tutor Perini’s design subcontractor.

The contract value was added to the Company’s backlog in the third quarter of 2024.

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 customers 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. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC).

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 Tutor Perini's City Center Guideway and Stations Project contract in Honolulu?

The contract value for Tutor Perini's City Center Guideway and Stations Project in Honolulu is approximately $1.66 billion.

When is construction expected to begin on Tutor Perini's (TPC) Honolulu rail project?

Construction on Tutor Perini's Honolulu rail project is estimated to commence in the second half of 2025.

How many rail stations will Tutor Perini (TPC) construct in the Honolulu City Center project?

Tutor Perini will design and construct six rail stations as part of the City Center Guideway and Stations Project in Honolulu.

What is the expected completion date for Tutor Perini's (TPC) Honolulu City Center rail project?

The Honolulu City Center rail project is expected to be substantially completed in 2030.

Tutor Perini Corporation

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