- 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.
Buy Now, Pain Later: Investors See Slight Market Rebound Amid Large Sell-Off
As investors settle in to what is historically the worst performing month for stocks, the S&P 500 turned positive just in the nick of time on Thursday before slipping into five straight days of losses.
