Tutor Perini Secures Military Construction Contract Worth $34 Million

A subsidiary of Tutor Perini Corp. has been awarded two contracts valued at about $34 million for work at Marine Corps Base Camp Lejeune in North Carolina. Perini Management Services Inc., owned by the Sylmar construction company, will begin preconstruction and design activities immediately followed by site mobilization in the fall. The work will entail renovating three buildings on the base for a contract valued at $22.8 million and be completed within 900 days and renovating two fire station buildings for a contract valued at $11.2 million to be completed within 730 days. The buildings being repaired were damaged by Hurricane Florence in 2018. The work involves phased renovations and replacement of mechanical, electrical and plumbing systems. Substantial completion of the two projects is anticipated by late 2022. The contracts were announced Wednesday. On Friday, shares of Tutor Perini (TPC) closed up 71 cents, or more than 6 percent, to $11.73 on the New York Stock Exchange, on a day when the Dow closed up 1.4 percent and the Nasdaq closed up at less than a percent.