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Tutor Perini Announces Two MTA East Side Access Contracts Valued At $844 Million

Stocks in this article: TPC

Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today announced two contracts recently approved for award by the New York Metropolitan Transportation Authority (MTA) for portions of the East Side Access (ESA) project, collectively valued at approximately $844 million.

MTA Contract CM006 – Manhattan North Structures for the East Side Access Project

The Company’s subsidiary, Frontier-Kemper Constructors, was selected by the MTA as the best overall technical proposer and best value for the CM006 contract, valued at approximately $294 million. MTA Capital Construction recommended the award to Frontier-Kemper and the MTA’s Board has approved the recommendation. The Company anticipates receiving the contract award and notice to proceed in the coming weeks. The scope of work consists of fabrication and construction of the permanent structural concrete lining, interior structures, and fit-out for caverns and tunnels previously excavated by other contractors beneath and to the north of the Grand Central Terminal (GCT) in Manhattan. Five Star Electric and Superior Gunite, Tutor Perini’s specialty contracting subsidiaries, will perform certain portions of the work under this contract. Construction is expected to begin in the second quarter of 2014 and be substantially completed in 2017.

MTA Contract CS179 – Systems Facilities Package No. 1 for the East Side Access Project

Tutor Perini was selected by the MTA as the best overall technical proposer and best value for the CS179 contract, valued at approximately $550 million. MTA Capital Construction recommended the award to Tutor Perini and the MTA’s Board has approved the recommendation. The Company anticipates receiving the contract award and notice to proceed in the coming weeks. Work under this contract will be performed in the Long Island Rail Road (LIRR) GCT terminus station and the tunnels connecting Harold Interlocking, a switching station in Queens, to the GCT. Tutor Perini will be responsible for coordinating overall systems integration and for interfacing with various systems provided by other contractors. Five Star Electric, the Company’s specialty contracting subsidiary, will perform significant work under this contract. Construction is expected to begin in the second quarter of 2014 and be substantially completed in 2020.

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