Tutor Perini-Nan JV Awarded Additional $232 Million for the Apra Harbor Waterfront Repairs Project for a Total Awarded Value of $563 Million
Tutor Perini (NYSE: TPC) announced that the Tutor Perini-Nan Joint Venture has been awarded additional scope options valued at approximately $232 million for the Apra Harbor Waterfront Repairs Project in Guam, bringing the total contract value to approximately $563 million.
This design-build project will repair the Apra Harbor's Glass Breakwater and restore waterfront areas damaged by storms, including Typhoon Mawar from May 2023. The expanded scope includes repairs to various sections of the Glass Breakwater to minimize future breaching potential and shoreline repairs to the inner harbor.
Tutor Perini serves as the managing partner in the joint venture, with Nan, Inc. as a 30% partner. The Company's Guam-based subsidiary, Black Construction , is managing the project execution. Design work is already underway, with in-water construction expected to begin in Q4 2025 and substantial completion anticipated by July 2029. The $232 million incremental value will be added to the Company's backlog in Q1 2025.
Tutor Perini (NYSE: TPC) ha annunciato che la Joint Venture Tutor Perini-Nan ha ricevuto opzioni di lavoro aggiuntive del valore di circa 232 milioni di dollari per il Progetto di Riparazione della Waterfront di Apra Harbor a Guam, portando il valore totale del contratto a circa 563 milioni di dollari.
Questo progetto di design-build riparerà il Glass Breakwater di Apra Harbor e ripristinerà le aree costiere danneggiate da tempeste, inclusa la tempesta di tifone Mawar di maggio 2023. L'ambito ampliato include riparazioni a varie sezioni del Glass Breakwater per minimizzare il potenziale di breccia futura e riparazioni della costa nel porto interno.
Tutor Perini funge da partner principale nella joint venture, con Nan, Inc. come partner al 30%. La sussidiaria dell'azienda con sede a Guam, Black Construction, gestisce l'esecuzione del progetto. I lavori di progettazione sono già in corso, con la costruzione in acqua prevista per iniziare nel quarto trimestre del 2025 e il completamento sostanziale previsto per luglio 2029. Il valore incrementale di 232 milioni di dollari sarà aggiunto all'ordine di lavoro dell'azienda nel primo trimestre del 2025.
Tutor Perini (NYSE: TPC) anunció que la Joint Venture Tutor Perini-Nan ha sido galardonada con opciones de trabajo adicionales valoradas en aproximadamente 232 millones de dólares para el Proyecto de Reparaciones del Waterfront de Apra Harbor en Guam, lo que eleva el valor total del contrato a aproximadamente 563 millones de dólares.
Este proyecto de diseño y construcción reparará el Glass Breakwater de Apra Harbor y restaurará las áreas costeras dañadas por tormentas, incluido el tifón Mawar de mayo de 2023. El alcance ampliado incluye reparaciones en varias secciones del Glass Breakwater para minimizar el potencial de futuras brechas y reparaciones de la costa en el puerto interior.
Tutor Perini actúa como el socio principal en la joint venture, con Nan, Inc. como socio del 30%. La subsidiaria de la compañía con sede en Guam, Black Construction, está gestionando la ejecución del proyecto. El trabajo de diseño ya está en marcha, con la construcción en el agua prevista para comenzar en el cuarto trimestre de 2025 y la finalización sustancial anticipada para julio de 2029. El valor incremental de 232 millones de dólares se añadirá a la cartera de la compañía en el primer trimestre de 2025.
튜터 페리니 (NYSE: TPC)는 튜터 페리니-난 합작 투자에서 괌 아프라 항구 해안 수리 프로젝트에 대해 약 2억 3천 2백만 달러 상당의 추가 작업 범위를 수주했다고 발표했습니다. 이로써 총 계약 금액은 약 5억 6천 3백만 달러로 증가했습니다.
이 설계-시공 프로젝트는 아프라 항구의 유리 방파제를 수리하고 2023년 5월 태풍 마와르로 피해를 입은 해안 지역을 복원합니다. 확대된 범위에는 미래의 침수 가능성을 최소화하기 위한 유리 방파제의 여러 구역 수리와 내부 항구의 해안 수리가 포함됩니다.
튜터 페리니는 이 합작 투자에서 관리 파트너로 활동하며, 난(Nan, Inc.)은 30%의 파트너입니다. 회사의 괌에 본사를 둔 자회사인 블랙 건설이 프로젝트 실행을 관리하고 있습니다. 설계 작업은 이미 진행 중이며, 수중 건설은 2025년 4분기에 시작될 것으로 예상되며, 실질적인 완료는 2029년 7월로 예상됩니다. 2억 3천 2백만 달러의 추가 가치는 2025년 1분기에 회사의 백로그에 추가될 것입니다.
Tutor Perini (NYSE: TPC) a annoncé que le consortium Tutor Perini-Nan a été attribué des options de travail supplémentaires d'une valeur d'environ 232 millions de dollars pour le projet de réparations du front de mer d'Apra Harbor à Guam, portant la valeur totale du contrat à environ 563 millions de dollars.
Ce projet de conception-construction réparera le Glass Breakwater d'Apra Harbor et restaurera les zones côtières endommagées par des tempêtes, y compris le typhon Mawar de mai 2023. L'extension du périmètre comprend des réparations de diverses sections du Glass Breakwater pour minimiser le potentiel de futures brèches et des réparations de la côte dans le port intérieur.
Tutor Perini agit en tant que partenaire principal dans le consortium, avec Nan, Inc. comme partenaire à 30 %. La filiale de l'entreprise basée à Guam, Black Construction, gère l'exécution du projet. Les travaux de conception sont déjà en cours, avec le début de la construction dans l'eau prévu pour le quatrième trimestre 2025 et une achèvement substantiel anticipé pour juillet 2029. La valeur supplémentaire de 232 millions de dollars sera ajoutée au carnet de commandes de l'entreprise au premier trimestre 2025.
Tutor Perini (NYSE: TPC) hat bekannt gegeben, dass das Tutor Perini-Nan Joint Venture zusätzliche Arbeitsoptionen im Wert von etwa 232 Millionen US-Dollar für das Projekt zur Reparatur der Uferpromenade in Apra Harbor, Guam, erhalten hat, was den Gesamtvertragswert auf etwa 563 Millionen US-Dollar erhöht.
Dieses Design-Build-Projekt wird das Glass Breakwater in Apra Harbor reparieren und die durch Stürme, einschließlich des Taifuns Mawar im Mai 2023, beschädigten Uferbereiche wiederherstellen. Der erweiterte Umfang umfasst Reparaturen an verschiedenen Abschnitten des Glass Breakwater, um zukünftige Durchbrüche zu minimieren, sowie Uferreparaturen im inneren Hafen.
Tutor Perini fungiert als Hauptpartner des Joint Ventures, während Nan, Inc. einen Anteil von 30 % hält. Die in Guam ansässige Tochtergesellschaft des Unternehmens, Black Construction, leitet die Projektausführung. Die Entwurfsarbeiten sind bereits im Gange, und der Bau im Wasser wird voraussichtlich im vierten Quartal 2025 beginnen, mit einer wesentlichen Fertigstellung, die bis Juli 2029 erwartet wird. Der zusätzliche Wert von 232 Millionen US-Dollar wird im ersten Quartal 2025 in den Auftragsbestand des Unternehmens aufgenommen.
- Additional $232 million contract award increases total project value to $563 million
- TPC is managing partner in the joint venture with 70% stake
- Project adds to backlog in Q1 2025
- Long-term project provides revenue visibility through July 2029
- In-water construction not starting until Q4 2025, delaying significant revenue recognition
- Long project timeline (completion in 2029) extends execution risks
Insights
Tutor Perini's $232 million contract expansion for the Apra Harbor project represents a 41% increase over the original award, bringing the total contract to $563 million. With TPC holding a 70% stake as managing partner, this translates to approximately $394 million in attributable revenue over the project lifecycle through 2029.
This award is strategically significant as it strengthens TPC's foothold in critical infrastructure and disaster recovery projects. The Apra Harbor work addresses typhoon damage while modernizing naval facilities - a dual-purpose investment that aligns with increased Indo-Pacific defense spending. For context, this single project now represents approximately 10-12% of TPC's typical annual revenue, providing meaningful visibility through 2029.
From a financial perspective, this incremental award bolsters TPC's already improving backlog, which stood at $8.3 billion as of Q3 2024. The company has been rebuilding its project pipeline after several challenging years, and this win reinforces that recovery trajectory. Government infrastructure contracts typically offer more stable, if somewhat lower, margins compared to private sector work, but they provide reliable cash flow and reduced payment risk.
The Guam location is particularly noteworthy. As the U.S. continues its strategic military repositioning in the Pacific, Guam has seen billions in defense construction investments. TPC's subsidiary Black Construction has operated there for decades, giving the company a competitive advantage in securing additional work on the island where qualified contractors are and logistical challenges create barriers to entry.
Execution risks exist, particularly related to the marine environment, potential material supply chain challenges to an island location, and the specialized nature of breakwater construction. However, TPC's experience with similar maritime infrastructure projects mitigates these concerns. The extended timeline (completion in 2029) also provides buffer against short-term execution challenges.
For investors, this contract's 4-year duration offers revenue predictability that contrasts favorably with the cyclical nature of much construction work. The backlog addition in Q1 2025 should positively impact TPC's book-to-bill ratio, a key metric for assessing future growth potential in construction firms.
This is a design-build construction project to repair the Apra Harbor’s Glass Breakwater and restore and modernize waterfront areas that have been physically eroded and damaged from storms, including the recent Typhoon Mawar in May 2023. The project scope of work now includes repairs to various sections of the Glass Breakwater to minimize future breaching potential of the breakwater, as well as shoreline repairs to the inner harbor. Tutor Perini is the managing partner in the joint venture, with Nan, Inc. serving as a
Design work is already underway with in-water construction anticipated to commence in the fourth quarter of 2025 and substantial completion expected in July 2029. The
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).
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Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations and Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation
FAQ
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