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