03:48 PM EDT, 07/02/2024 (MT Newswires) -- Tutor Perini ( TPC ) said Tuesday its joint venture with O&G Industries won a contract from Amtrak for the river bridge replacement project in Connecticut.

The project includes a two-track, electrified and movable bridge structure with new track, signal, catenary, power, communication, controls and security features, Tutor said.

Amtrak's $1.3 billion project is primarily funded by the Infrastructure Investment & Jobs Act through a $826.6 million federal grant awarded by Federal Railroad Administration. The rest will be funded by Amtrak and the state of Connecticut.

Tutor is a 30% partner in the joint venture, and its proportionate share of the contract value will be added to its backlog in Q2.

The project is expected to start in late summer or early fall and be mostly completed by 2031, Tutor said.

Tutor shares rose 0.7% in recent trading Tuesday.

Price: 21.18, Change: +0.12, Percent Change: +0.57