Perini Corporation Announces $590 Million in New Contract Awards
January 14 2008 - 12:01PM
Business Wire
Perini Corporation (NYSE: PCR), a leading building and civil
construction company, announces the award of the following new
contracts: Perini�s Civil Division has just recently been awarded a
$139 million contract with the State of New York Metropolitan
Transportation Authority for the construction of the Harold
Structures Project in Queens, New York. The project involves
excavation to provide access and removal of a tunnel boring
machine, 2,100 linear feet of micro tunneling, construction of a
new electrical power substation, construction and demolition of the
overhead and third rail power system, and new construction of
access bridges and retaining walls. The project is scheduled for
completion in September of 2010. Cherry Hill Construction, a wholly
owned subsidiary of Perini Corporation, has recently started
construction of an $86.8 million project for the Maryland
Transportation Authority for the construction of Express Toll Lanes
along a section of I-95. The project is scheduled to be completed
in December 2010. Perini Management Services has been awarded a
Sustainment/Restoration & Modernization Acquisition Task Order
Contract (SATOC) from the U.S. Air Force, AETC CONS/LGCK,
Specialized Contracting Squadron, Randolph Air Force Base. The
program provides construction support to Headquarters Air Force
Civil Engineer Support Agency (AFCESA) for maintenance, repair and
replacement of buildings, pavements, POL fuel systems and utilities
at installations around the world. The SATOC program is currently
funded at $4 billion to support USAF base infrastructure and
contingency operations over the next 10 years. The Air Force
awarded 10 full and open indefinite delivery/indefinite quantity
contracts, and six Small Business set aside contracts, for work to
be executed through January 2018. Contractors were selected based
on overall best value to the government including past experience
and willingness to perform work in remote, austere and hostile
environments. The selected contractors will compete for Task Orders
under the program. The Perini SATOC Team includes Stanley
Consultants of Muscatine, Iowa and SEI Group Inc. of Huntsville,
Alabama for design and engineering services. Projects will be added
to backlog as Task Orders are awarded. During the fourth quarter of
2007, Rudolph and Sletten, a wholly owned subsidiary of Perini
Corporation, added approximately $365 million of new projects to
the backlog; University of California San Diego seismic upgrades
for the Hillcrest hospital including seismic strengthening for all
utilities supporting the operational needs of the facility. The
approximate value of the contract is $15 million under the current
phase of the project. Estimated completion date is September, 2009.
A heart center and associated hospital expansion and development
for a facility in Northern California. The project is valued at
approximately $120 million. Estimated completion date is October,
2010. Moffett Towers Parcel 3 located in northern California is a
shell office complex currently valued at approximately $230
million. Estimated completion date is June, 2009. About Perini
Corporation Perini Corporation is a leading construction services
company offering diversified general contracting, construction
management 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. We offer
general contracting, preconstruction planning and comprehensive
project management services, including the planning and scheduling
of the manpower, equipment, materials and subcontractors required
for a project. We also offer self-performed construction services
including sitework, concrete forming and placement and steel
erection. We are known for our hospitality and gaming industry
projects, sports and entertainment, educational, transportation,
healthcare, biotech, pharmaceutical and high-tech facilities, as
well as large and complex civil construction projects and
construction management services to U.S. military and government
agencies. The statements contained in this Release that are not
purely historical are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including without limitation,
statements regarding the Company�s expectations, hopes, beliefs,
intentions or strategies regarding the future. These
forward-looking statements are based on the Company�s current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting the Company will be those anticipated
by the Company. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond the control of
the Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the Company's
ability to successfully and timely complete construction projects;
the Company�s ability to convert backlog into revenue; the
potential delay, suspension, termination, or reduction in scope of
a construction project; the continuing validity of the underlying
assumptions and estimates of total forecasted project revenues,
costs and profits and project schedules; the outcomes of pending or
future litigation, arbitration or other dispute resolution
proceedings; the availability of borrowed funds on terms acceptable
to the Company; the ability to retain certain members of
management; the ability to obtain surety bonds to secure its
performance under certain construction contracts; possible labor
disputes or work stoppages within the construction industry;
changes in federal and state appropriations for infrastructure
projects; possible changes or developments in worldwide or domestic
political, social, economic, business, industry, market and
regulatory conditions or circumstances; and actions taken or not
taken by third parties, including the Company�s customers,
suppliers, business partners, and competitors and legislative,
regulatory, judicial and other governmental authorities and
officials. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws.
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