Benzinga | Aug 19, 2021 07:07AM EDT

Black Construction-Tutor Perini JV Secures $98.3M Bachelor Officer Quarters Project

* Tutor Perini Corp (NYSE:TPC) joint venture Black Construction-Tutor Perini has secured a fixed-price contract valued at ~$98.3 million from the Naval Facilities Engineering Systems Command, Pacific Division, to construct a bachelor officer quarters at Marine Corps Base Camp Blaz on Guam.

* Tutor Perini will include the contract value in Q3 2021 backlog.

* The government of Japan funded the contract as part of the international agreement between the U.S. and Japan.

* The project scope includes constructing a multi-story housing tower with an attached one-story common area wing and a detached utility building.

* Engineering work has commenced, with fieldwork expected to begin in November 2021 and substantial completion anticipated in May 2024.

* Price Action: TPC shares are trading lower by 0.44% at $13.55 during the premarket session on Thursday.