Tutor Perini Wins $324 Million in Civil Contracts

LOS ANGELES--(BUSINESS WIRE)--Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, announced the Company has been awarded two civil contracts in New York and is the low bidder for a bridge contract in California.

The Port Authority of NY & NJ awarded the company a $178 million contract to build permanent bracing for the structural box that will enclose New York City Transit’s 1&9 subway structure running through the World Trade Center site. This contract, called the Greenwich Street Corridor, will use top-down construction to build a box that will brace the subway line. This will form the foundation for the future extension of Greenwich Street that will bisect the World Trade Center site. One of the Port Authority’s targeted milestones, this contract is a critical element of the WTC reconstruction and will assure public access to the 9/11 Memorial Plaza that is scheduled for use on the 10^th anniversary of 9/11.

The MTA Capital Construction organization in New York awarded Tutor Perini a $22 million contract that includes construction of a second phase of work at Long Island Rail Road’s (LIRR) Harold Interlocking and Amtrak’s F Interlocking. This contract adjoins the first phase $139 million contract, Harold Structures I, awarded to the Company in 2007. The contract will begin with widening the track structure, and includes construction of new retaining walls that will create more usable space for the railroads, adding to operational flexibility to accommodate the new LIRR service into Grand Central Terminal on Manhattan’s East Side.

In California, Caltrans has notified Tutor Perini that it is the low bidder at $124 million for the Shasta County Interstate 5 Bridge project in Northern California. The project is a bridge structure across Lake Shasta and involves demolition of existing concrete and structural steel bridges that will be replaced with twin 2 lane balanced cantilever cast-in-place concrete segmental bridges with 5 spans totaling 1,942 feet. The Company expects Caltrans to award the contract in September.

Ronald Tutor, Chairman and CEO of Tutor Perini, said: “These projects, as well as the award for the $204 million JFK Airport Runway project announced last month, represent the early success of our strategy to grow our civil business across the U.S.”

About Tutor Perini Corporation (NYSE: TPC)

Tutor Perini Corporation is a leading civil and building 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.

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, strategies regarding the future and statements regarding future guidance and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. The Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them. 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 current global financial crisis and significant deterioration in global economic conditions, which may cause or accelerate a number of other factors listed below; the Company's ability to successfully and timely complete construction projects; the Company’s ability to win new contracts and 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 ability to realize the expected synergies resulting from the merger with Tutor-Saliba in the amounts and in the timeframe anticipated; and the ability to integrate Tutor-Saliba’s businesses into those of Tutor Perini in a timely and cost-efficient manner. 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.