10:18 AM EST, 11/06/2024 (MT Newswires) -- Tutor Perini ( TPC ) said Wednesday that its joint venture with O&G Industries has been named as the apparent selected proposer by New York City's Department of Design and Construction for the new Manhattan jail facility.

The company said it expects to win a design-build contract for the multibillion-dollar project if negotiations for the terms and pricing with the owner become successful.

The new jail facility is one of four jails that are being built in the New York City boroughs to replace the Rikers Island jail complex, the company said.

Tutor Perini ( TPC ) said it's the managing partner in the JV and O&G is a 25% partner.

Tutor Perini ( TPC ) shares were rising nearly 10% in recent trading.

Price: 30.12, Change: +2.71, Percent Change: +9.89