Tutor Perini Corporation (NYSE:TPC) saw its shares rise 3.5% in premarket trading on Wednesday after announcing it had secured a $651.8 million task order from the Naval Facilities Engineering Systems Command Pacific.
The award covers Project P-1181, a program to harden critical electrical feeders at Naval Base Guam. The scope calls for replacing existing overhead electrical distribution systems with underground circuit conductors routed in concrete-encased duct banks, intended to improve the resiliency and reliability of the base’s electrical infrastructure.
Execution of the work will be handled through a joint venture between Tutor Perini and Black Construction Corporation, the company’s Guam-based subsidiary. Under the planned schedule, design work is slated to begin in August 2026, with construction set to commence in April 2027. The project is expected to reach substantial completion in June 2031.
The contract value will be recorded in Tutor Perini’s backlog for the second quarter of 2026. The award was issued under NAVFAC Pacific’s Facilities and Infrastructure Multiple Award Construction Contract (MACC).
Gary Smalley, Tutor Perini’s CEO and President, said the contract represents the company’s latest major project in Guam. He noted the company is pursuing additional opportunities in Guam and throughout the Indo-Pacific region, and added that Tutor Perini is pleased to support U.S. government infrastructure priorities, including those under the Pacific Deterrence Initiative.
Tutor Perini is a civil, building and specialty construction firm that provides general contracting and design-build services to private clients and public agencies. The company has been providing construction services since 1894.
Context and market reaction
The contract represents a material, single-project award that will be added to the company’s backlog in the second quarter of 2026. The premarket stock reaction reflected investor recognition of the award’s size and its addition to near-term contracted work.
Project timeline
- Design start: August 2026
- Construction start: April 2027
- Substantial completion: June 2031