Tutor Perini Corporation (NYSE: TPC), a civil, building and specialty construction company, has announced that the Port Authority of New York and New Jersey has approved the award of a fixed-price contract valued at approximately USD 1.41 billion to the Tutor Perini/Parsons joint venture for the one-million-square-foot Newark Airport Terminal One Design-Build Project, the company said.
The project is part of a major redevelopment and modernization program that will position Newark Liberty International Airport to meet the needs of the 21st century. The project will be the largest transportation infrastructure design-build contract in New Jersey state history.
Tutor Perini is the managing partner for this joint venture. Work is expected to begin in April 2018 and substantial completion is anticipated in 2022. The contract value is expected to be included in the company´s first-quarter 2018 backlog.
Tutor Perini Corporation is a civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures.