Tutor Perini Awarded $53 Million Design Change Order for an Extension to the City Center Guideway and Stations Project in Honolulu

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change order financial

A change order is a formal modification to a contract that alters the original scope of work, schedule, or price for a project. Think of it as changing the recipe mid-cook: adding ingredients, extending the cook time, or asking for more servings — it can raise costs, delay completion, and shift who bears the extra expense. Investors watch change orders because they can signal higher project costs, revenue recognition shifts, and increased delivery or legal risk for companies.

12/29/2025 - 06:00 AM

Company anticipates significant additional funding as future construction work for the extension is awarded

LOS ANGELES--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been awarded a change order valued at approximately $53 million for the City Center Guideway and Stations Project in Honolulu, HI. This change order is significant because it enables Tutor Perini to design the segment of the rail that will extend the current terminus and connect Kaka’ako to Ala Moana, including the addition of two stations along the alignment. Should the Honolulu Authority for Rapid Transportation secure additional funding and elect to extend the construction of the project towards Ala Moana, the Company’s total contract value for this project could increase substantially.

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 customers 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 safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.