After 15 years Tutor Perini-lead JV reaches $88.7m settlement
As this litigation has ensued for 15 years, the Company is pleased to finally have both the judgment and an agreement to pay in place. Payment is expected before the end of the year.
At the same time, Tutor Perini announced that its specialty contracting subsidiary, Fisk Electric Co., has been awarded a contract valued at approximately $87 million by Webcor/Obayashi Joint Venture for work on the Transbay Transit Center project in San Francisco, California.
The scope of work consists of the installation of all electrical, communications, life safety, fire alarm, security, and integrated network systems. The project owner is the Transbay Joint Powers Authority.
Extending just south of Mission Street from Second to Beale streets, the Transbay Transit Center is a state-of-the-art regional transportation hub containing more than one million square feet that will connect eight Bay Area counties and the State of California through 11 transportation systems: AC Transit, BART, Caltrain, Golden Gate Transit, Greyhound, Muni, SamTrans, WestCAT Lynx, Amtrak, Paratransit, and California’s future High-Speed Rail from San Francisco to Los Angeles/Anaheim.
Work on this project is expected to commence in the first quarter of 2015 with substantial completion expected in the fourth quarter of 2017. The contract value is expected to be included in the Company’s reported fourth-quarter backlog. ■