- Tutor Perini Corp's TPC joint venture with Brosamer & Wall, Inc. has secured a contract valued at ~$178 million from 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 project will restore water conveyance capacity in a 33-mile section of the canal's middle reach. 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 completion anticipated in June 2024.
- Tutor Perini has included its portion of the contract value in the 3Q21 backlog.
- Price Action: TPC shares closed lower by 1.65% at $13.15 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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