NEW YORK--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, announced today that the Port Authority of New York and New Jersey has approved the award of a fixed-price contract valued at approximately $1.41 billion to the Tutor Perini/Parsons joint venture for the one-million-square-foot Newark Airport Terminal One Design-Build Project. The project is part of a major redevelopment and modernization program that will position Newark Liberty International Airport to meet the needs of the 21st century. The project will be the largest transportation infrastructure design-build contract in New Jersey state history.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180215006487/en/

Rendering of New Terminal One at Newark Liberty International Airport (Credit: The Port Authority of New York and New Jersey)

Tutor Perini is the managing partner for this joint venture. Work is expected to begin in April 2018 and substantial completion is anticipated in 2022. The contract value is expected to be included in the Company’s first-quarter 2018 backlog.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180215006487/en/

Source: Tutor Perini Corporation