Perini Receives Additional Task Orders Worth $175 Million, Expanding Total of Recent Awards for Work in Iraq to $345 Million
October 14 2008 - 8:45AM
Business Wire
Perini Corporation (NYSE: PCR), a leading building and civil
construction company, announced today that it has been awarded
three new task orders from the U.S. Army Corps of Engineers (USACE)
Transatlantic Programs Center for work in Iraq worth approximately
$175 million. This is in addition to the $170 million of USACE
projects announced on September 23, 2008. The projects were all
competitively bid under an existing contract to provide
design-build and construction related services within the Central
Command (CENTCOM) Area of Operations. Perini received an award on
September 29, 2008 to design and construct temporary housing
facilities for U.S. Department of State personnel in Baghdad. The
work will include several different types of housing, a warehouse,
and complete infrastructure including site utilities, water
treatment facility, wastewater treatment plant, and groundwater
wells and pump houses for fire and domestic water usage. Perini
also received on September 30, 2008 a task order to design and
build a maintenance facility, parking apron, taxiway and landing
pad for helicopters to support Department of State activities in
Iraq. A third task order was received on September 25, 2008 for an
overhead coverage system for an existing dining facility in the
Victory Base Complex in Baghdad. This is in addition to previously
announced overhead coverage awards. Robert Band, President and
Chief Operating Officer, said: �These are challenging projects in a
difficult location with demanding schedules, but Perini has built
its reputation by delivering complex projects, both at home and
abroad. We have been design-building infrastructure in Iraq on a
fast-track basis for the past five years, and we are pleased to
have earned the confidence of the U.S. Army Corps of Engineers to
continue supporting them in their mission in Iraq.� Perini�s team
for CENTCOM task orders includes Tetra Tech, Inc. of Pasadena, CA
as the lead design firm, and Butler Building Company of Kansas
City, MO for pre-engineered building components. 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, pre-construction 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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