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

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

WATSONVILLE, Calif.--(BUSINESS WIRE)-- 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.

Granite Contacts



Media



Jacque Fourchy 831-761-4741



Investors



Ronald

Botoff 831-728-7532

Source: Granite Construction Incorporated