Black Construction-Tutor Perini JV Secures $98.3M Bachelor Officer Quarters Project

Tutor Perini Corp TPC joint venture Black Construction-Tutor Perini has secured a fixed-price contract valued at ~$98.3 million from the Naval Facilities Engineering Systems Command, Pacific Division, to construct a bachelor officer quarters at Marine Corps Base Camp Blaz on Guam.
Tutor Perini will include the contract value in Q3 2021 backlog.
The government of Japan funded the contract as part of the international agreement between the U.S. and Japan.
The project scope includes constructing a multi-story housing tower with an attached one-story common area wing and a detached utility building.
Engineering work has commenced, with fieldwork expected to begin in November 2021 and substantial completion anticipated in May 2024.
Price Action: TPC shares are trading lower by 0.44% at $13.55 during the premarket session on Thursday.