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Granite Awarded $27 Million Joint Venture Offshore Construction Project in California

May 15, 2019

WATSONVILLE, Calif.--(BUSINESS WIRE)--May 15, 2019--

Granite (NYSE:GVA) and Healy Tibbitts Builders, Inc. announced today that their joint venture team has been awarded a $27 million joint venture contract by the Naval Facilities Engineering Command Southwest for the construction of maintenance dredging at Piers 1, 3, and Paleta Creek at Naval Base San Diego. The contract includes one unexercised option, which if exercised would increase the cumulative award value to $38 million. Granite will book $21 million, or its 78% share, of the $27 million contract in its second quarter 2019 backlog.

The project will re-establish the operational and berthing depth required for United States Navy vessels and other visiting vessels, and restore the pier slips and creek area for safe and unrestricted navigation. The dredged material will be screened for unexploded ordnance and radiological debris, dried or dewatered prior to transport for disposal at a commercial landfill.

Construction is scheduled to begin in summer 2019 and be complete in fall 2021.

About Granite

Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE: GVA) is a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite, America’s Infrastructure Company, is an award-winning firm in safety, quality and environmental stewardship, and has been honored as one of the World’s Most Ethical Companies by Ethisphere Institute for ten consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. For more information, visit  graniteconstruction.com.

About Healy Tibbitts Builders

Healy Tibbitts Builders, Inc., a Weeks Marine, Inc. company, is a specialized dredging and marine construction contractor performing work throughout the Pacific Rim. Healy Tibbitts has over 30-years of experience with Department of Defense dredging and construction projects and was recently awarded the 2019 Associated General Contractors of America’s Construction Risk Partners Build America Award for Best New Federal and Heavy Project. For more information, visit healytibbitts.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190515005802/en/

CONTACT: Granite Contacts

Media

Jacque Fourchy 831-761-4741

Investors

Ronald Botoff 831-728-7532

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TRANSPORT MARITIME DEFENSE OTHER DEFENSE CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY

SOURCE: Granite Construction Incorporated

Copyright Business Wire 2019.

PUB: 05/15/2019 05:30 PM/DISC: 05/15/2019 05:30 PM

http://www.businesswire.com/news/home/20190515005802/en