Tutor Perini's Black Construction Unit Bags $222M Tinian International Airport Project

Tutor Perini Corp TPC subsidiary, Black Micro Corp. has secured a firm-fixed-price contract valued at ~$221.69 million from the Naval Facilities Engineering Systems Command Pacific for construction at Tinian International Airport, Tinian, Commonwealth of Northern Mariana Islands (CNMI).
The contract contains three unexercised options, if exercised, will increase the contract value to $225.67 million.
Under the contract, the company will provide for the construction of a cargo pad with taxiway extension, fuel tanks with receipt pipeline and hydrant system, airfield development Phase I roads, and a maintenance support facility, under the Asia Pacific Stability Initiative.
The company expects the work to begin immediately, with completion expected by October 2026.
The company expects to include the contract value in its 2Q23 backlog.
Price Action: TPC shares closed lower by 4.53% at $5.06 on Friday.