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

Akanksha Bakshi
1 min read
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  • Tutor Perini Corp (NYSE: 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.

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