LOS ANGELES--(BUSINESS WIRE)--Dec 13, 2019--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, released the statement below in reaction to a jury verdict in favor of the plaintiff in the case of Washington State Department of Transportation v. Seattle Tunnel Partners (“STP”) et. al., a trial conducted in the Thurston County District Court in the state of Washington. The trial dealt with various disputed claims related to the SR 99 Alaskan Way Viaduct Replacement Project, which was constructed by STP, a joint venture between the Company and Dragados USA, Inc.
Tutor Perini is disappointed with the jury’s decision and will appeal the verdict in this case, which conflicts directly with the findings of an independent Dispute Review Board’s (“DRB”) proceedings that were conducted over the course of the project, including a key finding by the DRB that the steel pipe casing unexpectedly encountered by the tunnel boring machine constituted a “differing site condition.” Over the past several years, Tutor Perini has consistently asserted that the Company (through its 45% participation in STP) is owed compensation for substantial costs incurred as a result of that unexpected encounter and the subsequent delays and repairs that ensued. The Company is reviewing today’s decision to evaluate any potential financial impact on the Company and will provide any required disclosure once that evaluation has been completed. A separate court trial in King County, Washington pertaining to the pursuit of associated claims against insurance policies that covered the project is expected to occur in the latter part of next year or in 2021.
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.
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CONTACT: Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations and Corporate Communications
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY LEGAL PROFESSIONAL SERVICES
SOURCE: Tutor Perini Corporation
Copyright Business Wire 2019.
PUB: 12/13/2019 07:17 PM/DISC: 12/13/2019 07:17 PM