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Tutor Perini Announces Three New Projects In Guam Valued At $77 Million

Stocks in this article: TPC

Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today announced three significant new projects in Guam with a combined value totaling approximately $77 million.

$40.9 Million Ordot Dump Closure Construction & Dero Road Sewer Improvements Project

The Guam Solid Waste Authority’s court-appointed federal receiver, Gershman, Brickner & Bratton, Inc., has identified Tutor Perini’s Guam subsidiary, Black Construction Corporation (BCC), as the low bidder for the Ordot Dump Closure Construction and Dero Road Sewer Improvements project with a bid of approximately $40.9 million. The project includes construction of all temporary and permanent facilities, erosion controls, excavation, grading, drainage, fill, cap system including geosynthetics, leachate and sewage collection/conveyance systems, backup emergency power generator, electrical, and fencing. Construction is expected to begin in the first quarter of 2014 and be completed by July 2015. The value of this contract is expected to be included in the Company’s reported fourth-quarter backlog.

$23.8 Million U.S. Navy Lockwood Terrace Home Revitalization Project

Under a previously awarded multiple award construction contract, the U.S. Naval Facilities Engineering Command awarded Tutor Perini a $23.8-million task order for whole house revitalization work at Lockwood Terrace on Naval Base Guam. The work to be performed provides for the upgrade of 60 existing housing units in order to bring them to current Navy standards, which include reconfiguration of interior living spaces and expanding existing living areas. The work is expected to begin in April 2014 and be completed by September 2015. The value of this task order will be included in the Company’s reported third-quarter backlog.

$12.7 Million Lotte Duty Free Shoppers Interior Finishing Project

Lotte Duty Free Retail, a large Korean conglomerate specializing in duty-free shopping at major airports throughout the Asia-Pacific region, awarded BCC a $12.7-million project for interior architectural finishing work at the Guam International Airport. The scope of work consists of architectural, mechanical, electrical, fire protection, renovations and finishes to various public retail and boutique areas. Work is expected to begin in October 2013 and substantial completion is expected in March 2014. The value of this contract will be included in the Company’s reported fourth-quarter backlog.

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