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Tutor Perini Corporation (NYSE: TPC) announced it has been awarded a $178 million contract by the U.S. Department of the Interior for the Friant-Kern Canal Middle Reach Capacity Correction Phase I project in California. This joint venture, with Brosamer & Wall, Inc., aims to restore water conveyance capacity significantly. Currently, the canal delivers water to 1 million acres of farmland and thousands of residents in San Joaquin Valley. Construction starts in November 2021, with anticipated completion in June 2024. This project supports the company's backlog.
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Awarded a $178 million contract from the U.S. Department of the Interior.
Project will restore water conveyance capacity from 1,600 cfs to 4,000 cfs.
Construction starts in November 2021, providing visibility for future revenue.
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None.
LOS ANGELES--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that a joint venture comprised of the Company and Brosamer & Wall, Inc. has been awarded a contract valued at approximately $178 million by the U.S. Department of the Interior, Bureau of Reclamation, for the Friant-Kern Canal Middle Reach Capacity Correction Phase I project in central California, southeast of Visalia.
The Friant-Kern Canal near Fresno. (Source: Bureau of Reclamation)
The Friant-Kern Canal delivers water to one million acres of some of the most productive farmland in the country and provides drinking water to thousands of San Joaquin Valley residents. The project will restore water conveyance capacity in a 33-mile section of the canal’s middle reach, where it has been most restricted due to land subsidence in the area that has occurred over the past decades. When complete, the project will return the canal’s conveyance capacity from the current 1,600 cubic feet per second (cfs) to the original 4,000 cfs.
Construction is expected to begin in November 2021 with substantial completion anticipated in June 2024. Tutor Perini’s portion of the contract value is included in the Company’s third-quarter 2021 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.
