Tutor Perini Pockets Two Projects Valued At $218.8M

Tutor Perini Corp TPC subsidiary, Black Micro Construction Corp., has secured a firm-fixed-price contract valued at ~$161.82 million from the Naval Facilities Engineering Systems Command, Pacific Division (NAVFAC Pacific).

• The contract is for site development and construction of an aircraft parking apron and taxiway at the Tinian International Airport, Tinian, Commonwealth of the Northern Mariana Islands. Work to commence in June 2022 and be completed by October 2025. 
• Additionally, the Black Construction-Tutor Perini JV has obtained a firm-fixed-price contract valued at $56.97 million from NAVFAC Pacific for the J-015 Enlisted Dining Facility project at Camp Blaz Marine Corps Base Guam.
• The 40,000 square-foot enlisted dining facility will serve 1,020 customers per hour. The project also provides a 3,000 square foot cold storage warehouse, a 2,000 square foot general-purpose warehouse, and over 7,000 square yards of paved parking and loading areas.
• Work is expected to begin immediately and be completed in December 2023.
• Tutor Perini will include both projects in its Q4 backlog.
• Price Action: TPC shares closed 1.76% higher at $12.73 on Thursday.