Black Construction-Tutor Perini JV Secures $98.3M Bachelor Officer Quarters Project

• Tutor Perini Corp (NYSE: TPC) joint venture Black Construction-Tutor Perini has secured a fixed-price contract valued at ~$98.3 million from the Naval Facilities Engineering Systems Command, Pacific Division, to construct a bachelor officer quarters at Marine Corps Base Camp Blaz on Guam.

• Tutor Perini will include the contract value in Q3 2021 backlog.

• The government of Japan funded the contract as part of the international agreement between the U.S. and Japan.

• The project scope includes constructing a multi-story housing tower with an attached one-story common area wing and a detached utility building.

• Engineering work has commenced, with fieldwork expected to begin in November 2021 and substantial completion anticipated in May 2024.

• Price Action: TPC shares are trading lower by 0.44% at $13.55 during the premarket session on Thursday.

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