TPC - Tutor Perini Joint Venture Awarded $178 Million Friant-Kern Canal Middle Reach Capacity Correction Project

Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that a joint venture comprised of the Company and Brosamer & Wall, Inc. has been awarded a contract valued at approximately $178 million by the U.S. Department of the Interior, Bureau of Reclamation, for the Friant-Kern Canal Middle Reach Capacity Correction Phase I project in central California, southeast of Visalia.

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The Friant-Kern Canal delivers water to one million acres of some of the most productive farmland in the country and provides drinking water to thousands of San Joaquin Valley residents. The project will restore water conveyance capacity in a 33-mile section of the canal’s middle reach, where it has been most restricted due to land subsidence in the area that has occurred over the past decades. When complete, the project will return the canal’s conveyance capacity from the current 1,600 cubic feet per second (cfs) to the original 4,000 cfs.

Construction is expected to begin in November 2021 with substantial completion anticipated in June 2024. Tutor Perini’s portion of the contract value is included in the Company’s third-quarter 2021 backlog.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading 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.

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Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations and Corporate Communications
www.tutorperini.com