Perini Receives New Work in Iraq worth $68.5 Million

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Perini Corporation (NYSE: PCR), a leading building and civil construction company, announced the award of four new task orders from the U.S. Army Corps of Engineers for work in Iraq. Together, these four new Task Orders total $68.5 million. The Task Orders were competitively bid under an existing contract to provide design-build and construction related services within the Central Command (CENTCOM) Area of Operations.

    Two of the projects, valued at $12 million and $19.8 million respectively, are for additional Overhead Coverage Systems at Coalition Forces and U.S. Government facilities in Iraq. A Perini led Team has designed and constructed more than 70 similar structures at seventeen different locations in Iraq since September 2005. These new awards bring Perini's Overhead Coverage Systems program to a total of more than $320 million.

The Overhead Coverage System consists of pre-engineered structures with double layer roofs, which are designed to protect personnel from incoming mortars and rockets. The Perini Team for this program includes Tetra Tech, Inc. of Pasadena, CA as the lead design firm, Butler Manufacturing Company of Kansas City, Missouri and Stanley Consultants of Muscatine, Iowa.

Perini recently received recognition from General David H. Petraeus, Commander of the Multi-National Force - Iraq, and Brigadier General Michael J. Walsh, Commander of the U.S. Army Corps of Engineers Gulf Region Division, for its role in providing protection for U.S. personnel with quality and timely construction services under this program.

In addition to the Overhead Coverage awards, Perini received two separate awards for upgrading infrastructure at Coalition Forces bases in northern Iraq. These awards are for the design and construction of water and fuel storage tanks valued at $ 20 million and $16.7 million, respectively. For these projects, Perini leads a team of specialized engineering firms; Tetra Tech, Inc. will design the water systems and Argus Consulting of Blue Springs, MO will design the fuel systems.

Perini has had extensive experience in the CENTCOM Area of Operations. It has successfully executed over $1 billion worth of fast-track design-build task orders, including projects at 15 Coalition bases in Iraq and at four Afghan National Army Brigade complexes in Afghanistan. Perini is pleased to continue supporting the U.S. government with its vital missions through the provision of quality construction services.

About Perini Corporation

Perini Corporation is a leading construction services company offering diversified general contracting, construction management 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.

We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including sitework, concrete forming and placement and steel erection. We are known for our hospitality and gaming industry projects, sports and entertainment, educational, transportation, healthcare, biotech, pharmaceutical and high-tech facilities, as well as large and complex civil construction projects and construction management services to U.S. military and government agencies.

The statements contained in this Release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's ability to successfully and timely complete construction projects; the difficulties associated with performing work in Iraq, the Company's ability to convert backlog into revenue; the potential delay, suspension, termination, or reduction in scope of a construction project; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the Company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; changes in federal and state appropriations for infrastructure projects; possible changes or developments in worldwide or domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or not taken by third parties, including the Company's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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Robert Band
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