- Tutor Perini Corp (NYSE:TPC) joint-venture Black Construction-Tutor Perini has secured a firm-fixed-price contract valued at ~$106.8 million from the Naval Facilities Engineering Systems Command, Pacific Division (NAVFAC).
- The new contract is the second Bachelor Officer Quarters to be awarded by NAVFAC following a similar project previously awarded to the JV in 2021.
- The contract is funded by the government of Japan as part of the international agreement between the U.S. and Japan for the relocation of military personnel from Okinawa to Guam.
- The project scope of work includes the construction of a multi-story housing tower with an attached one-story common area wing.
- Engineering work has commenced, with fieldwork expected to begin in July 2022 and substantial completion anticipated in December 2024.
- The company will include the contract value in its second-quarter 2022 backlog.
- Price Action: TPC shares are trading higher by 0.89% at $10.18 on the last check Friday.
