Tutor Perini eyes five major US projects with ‘limited competition’

The Puget Sound Naval Shipyard in Washington state, US. (Image: Adobe Stock)

CEO Ron Tutor, during the annual second-quarter call, said the company was amid a “very busy period of significant bidding activity”, which he expected to continue through 2024 and into next year.

But the executive noted it wasn’t just that Tutor Perini was bidding on a lot of projects; the firm is also one of the few contractors making bids at all.

“This limited competition is the result of a supply-demand imbalance as, frankly, there are so many major project opportunities and a small pool of contractors with both the physical and financial resource to prequalify, successfully bid, bond, and execute these projects,” he said, painting a near-future where Tutor Perini will consistently be on the shortlist for some of the largest construction and infrastructure projects in the nation.

He added, “This will continue to bode extremely well for Tutor Perini.”

Five future projects Tutor Perini plans to bid on

Tutor highlighted more than a half dozen builds forthcoming that the firm intends to bid on, with the majority valued at more than US$1 billion.

The highest-valued schemes include a $6-billion contract for the Puget Sound Naval Shipyard project in Washington to build dry docks, Tutor said. He noted bidding will take place in 2025 on what is part of an, overall, $21-billion modernisation project helmed by the US Navy.

Tutor Perini also plans to bid on a Manhattan, New York, jail project, which CEO Tutor referred to as a “multi-billion-dollar” build.

At present, New York City is seeking four major upgrades to its detention facilities across its boroughs, with $3.9 billion dedicated to a build in Queens and $2.9 billion for a facility in the Bronx. Tutor Perini recently received a $2.95-billion contract to design-build a jail in Brooklyn.

Tutor said his firm will tender a proposal for the currently unvalued Manhattan jail project by the end of August. The four-facility build across New York City is estimated to cost just less than $16 billion, which suggests the Manhattan jail project could be worth approximately $6 billion.

Map of the proposed rail line for Southeast Gateway Line project in Los Angeles, California, US. (Image: Southeast Gateway Line)

Tutor added the firm is planning to bid on the Southeast Gateway Line project in Los Angeles (LA), California, valued at $3.8 billion. Qualifications and proposals will be out in 2025, said Tutor, for a scheme that seeks to add nearly 15 mi (24km) of new rail and ten new train stations in Central LA.

Finally, Tutor said the company also plans to tender offers for a $2-billion Midtown Manhattan bus terminal replacement project (bidding in December) and a $2 billion reservoir project in Northern California.

He mentioned five more projects worth an aggregate of $5 billion that Tutor Perini intends to vie for this year and next.

“We continue to anticipate that our backlog will grow substantially later this year, and in 2025, as we bid and capture our share of the available work,” he said.

Read more about Tutor Perini’s 2024 second-quarter financial results here.