Perini Corporation Announces $590 Million in New Contract Awards

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Perini Corporation (NYSE: PCR), a leading building and civil construction company, announces the award of the following new contracts:

    -- Perini's Civil Division has just recently been awarded a $139 million contract with the State of New York Metropolitan Transportation Authority for the construction of the Harold Structures Project in Queens, New York. The project involves excavation to provide access and removal of a tunnel boring machine, 2,100 linear feet of micro tunneling, construction of a new electrical power substation, construction and demolition of the overhead and third rail power system, and new construction of access bridges and retaining walls. The project is scheduled for completion in September of 2010.

-- Cherry Hill Construction, a wholly owned subsidiary of Perini Corporation, has recently started construction of an $86.8 million project for the Maryland Transportation Authority for the construction of Express Toll Lanes along a section of I-95. The project is scheduled to be completed in December 2010.

-- Perini Management Services has been awarded a Sustainment/Restoration & Modernization Acquisition Task Order Contract (SATOC) from the U.S. Air Force, AETC CONS/LGCK, Specialized Contracting Squadron, Randolph Air Force Base. The program provides construction support to Headquarters Air Force Civil Engineer Support Agency (AFCESA) for maintenance, repair and replacement of buildings, pavements, POL fuel systems and utilities at installations around the world.

The SATOC program is currently funded at $4 billion to support USAF base infrastructure and contingency operations over the next 10 years. The Air Force awarded 10 full and open indefinite delivery/indefinite quantity contracts, and six Small Business set aside contracts, for work to be executed through January 2018. Contractors were selected based on overall best value to the government including past experience and willingness to perform work in remote, austere and hostile environments. The selected contractors will compete for Task Orders under the program. The Perini SATOC Team includes Stanley Consultants of Muscatine, Iowa and SEI Group Inc. of Huntsville, Alabama for design and engineering services. Projects will be added to backlog as Task Orders are awarded.

During the fourth quarter of 2007, Rudolph and Sletten, a wholly owned subsidiary of Perini Corporation, added approximately $365 million of new projects to the backlog;

-- University of California San Diego seismic upgrades for the Hillcrest hospital including seismic strengthening for all utilities supporting the operational needs of the facility. The approximate value of the contract is $15 million under the current phase of the project. Estimated completion date is September, 2009.

-- A heart center and associated hospital expansion and development for a facility in Northern California. The project is valued at approximately $120 million. Estimated completion date is October, 2010.

-- Moffett Towers Parcel 3 located in northern California is a shell office complex currently valued at approximately $230 million. Estimated completion date is June, 2009.

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, preconstruction 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 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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