The U.S. Navy announced Thursday it has awarded contracts worth up to $8 billion over 8 years to five companies, including Sylmar-based Tutor Perini, for construction projects in Hawaii and Washington state.
Jorge Casado, vice president of investor relations and corporate communications for Tutor Perini, said the contract “allows us to compete for some major Navy shipyard projects over the next several years.”
As part of the contract, Tutor Perini and the other firms will bid for projects related to preconstruction work at Pearl Harbor Naval Shipyard and Intermediate Maintenance Facility in Hawaii as well as Puget Sound Naval Shipyard in Washington state.
In addition to Tutor Perini, the firms awarded contracts are Bechtel National Inc., Dragados/Hawaiian Dredging/Orion JV, ECC Infrastructure, and Kiewit-Alberici SIOP MACC JV. Each firm is being awarded $2 million in order to satisfy the minimum guarantee, according to a Department of Defense statement.
The contract terms are for up to 8 years or cumulative value of $8 billion, whichever is reached first. It is called an indefinite delivery/indefinite quantity contract because those aspects have not yet been determined.
Tutor Perini on Friday also announced that Marcus Leavitt has joined the construction company as a senior vice president to lead new strategic project pursuits. Leavitt will focus on large complex projects being procured under alternative project delivery models, such as public-private partnerships, design-build and progressive design-build, according to a company statement. Previously, Leavitt was a vice president at Parsons Corp. for 6 years, where he led Parsons Construction Group in the United States and Canada.
Shares of Tutor Perini (TPC) closed up 52 cents, or 3.5 percent, to close at $15.57 on the New York Stock Exchange on Friday, a day when the Dow Jones industrial average closed up about one half of 1 percent.