Tutor Perini Receives Notice of Intent to Award a $1.377 Billion Contract from Los Angeles County MTA for the Purple Line Extension Section 2

January 17, 2017

LOS ANGELES--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today announced that the Company has received a notice of intent to award a contract from the Los Angeles County Metropolitan Transportation Authority for the Westside Purple Line Extension Section 2 Project. The contract value is anticipated to be approximately $1.377 billion. The project involves construction of a 2.6-mile extension of the subway through Beverly Hills to Century City, including two new underground stations at Wilshire/Rodeo and Constellation/Avenue of the Stars. The subway extension will provide a high-capacity, high-speed, dependable transit alternative for those traveling to and from Los Angeles’ Westside.

Tutor Perini has built an impressive resume of successfully completed subway and other regional transportation projects, having constructed major portions of Los Angeles’ Red Line subway and San Francisco’s Bay Area Rapid Transit (BART) system. The Company is currently performing substantial work on San Francisco’s Central Subway extension to Chinatown, California’s High-Speed Rail system, which will eventually connect San Francisco and Los Angeles, New York’s East Side Access project and Washington State’s Alaskan Way Viaduct Replacement project.

Tutor Perini will serve as the lead partner on its joint-venture team with O&G Industries. O&G specializes in large, heavy civil construction projects and has worked with Tutor Perini on numerous occasions over the past 20 years, including on the Alameda Corridor rail cargo expressway project in Los Angeles and on several major highway construction projects in the northeastern U.S.

The contract award is expected by the end of January 2017, with notice to proceed in March 2017. Substantial completion is anticipated in January 2025. Tutor Perini’s portion of the contract value is expected to be included as part of the Company’s reported first quarter 2017 backlog.