Perini Corporation (NYSE: PCR), a leading building and civil construction company, announces the award of the following new contracts:
FRAMINGHAM, Mass. (Business Wire EON) January 14, 2008 --
Perini Corporation (NYSE: PCR), a leading building and civil
construction company, announces the award of the following new contracts:
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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.
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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.
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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;
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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.
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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.
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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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