Black Construction-Tutor Perini JV Bags $106.8M Project In Guam - Tutor Perini (NYSE:TPC)

Tutor Perini Corp 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.