Perini Corporation announces over $500 million in new project awards.

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Dec. 21, 1995--Perini Corporation (AMEX:PCR) announced today that $505 million in new construction contracts have been awarded over the past few months to Perini construction units operating across the United States.

o Federal Medical Center, Fort Devens,

MA: A joint venture sponsored by Perini Building Company's Eastern U.S. Division has been awarded a $69 million contract by the Federal Bureau of Prisons for the construction of nine new buildings including a psychiatric hospital and several special housing and support facilities; the renovation of an existing hospital and warehouse facility; and site development including roads, parking areas and underground utilities. Work on the project is under way with completion scheduled for October 1997.

o Harvey's Council Bluffs, Council Bluffs, IO: The Central U.S. Division of Perini Building Company, Southfield, MI, was awarded a $35 million contract for the construction of a new, 12-story hotel and convention center for Harvey's. The 260-room hotel is located on the land side of a new riverboat casino. Construction is under way with completion scheduled for April 1996.

o Soaring Eagle Casino, Mt. Pleasant, MI: The Central U.S. Division was also awarded a $125 million contract by the Saginaw Chippewa Indian Tribe of Michigan for the fast-track construction of a 300,000-square-foot casino and bingo hall, 500-room hotel and 1,500-vehicle parking complex. Construction is under way with completion scheduled for July 1996.

o John Ascuaga's Nugget, Sparks, NV: The Phoenix-based Western U.S. Division o Perini Building Company has recently been awarded a $48 million contract to construct a 29-story, 798-room hotel tower addition for John Ascuaga's Nugget Hotel and Casino. Construction is under way with completion scheduled for March 1997.

o Bank One Ballpark, Phoenix, AZ: In joint venture, the Western U.S. Division was also awarded a $23 million contract by the Maricopa County Stadium District for construction of the stadium foundations and fixed steel roof trusses for Bank One Ballpark, future home of the new Arizona Diamondbacks Baseball Club. Construction is under way with completion scheduled for June 1996.

o Hyperion Wastewater Treatment Plant, Los Angeles, CA: As part of a joint venture, the U.S. Heavy Division, Framingham, MA, was awarded a $148 million contract by the City of Los Angeles for the construction of the residuals treatment phase of the Hyperion Wastewater Treatment Plant. Work on the project is under way and is expected to be completed by Fall 1999.

o Universal City Station, Los Angeles, CA: In another joint venture, the U.S. Heavy Division was awarded a $57 million contract to construct the Universal City Station on Los Angeles' Metro Rail for the City of Los Angeles. Construction is currently under way with completion scheduled for November 1998.

Perini Corporation, headquartered in Framingham, Massachusetts, provides general contracting, including building and civil and environmental, and construction management services to public and private clients throughout the United States and overseas. Office locations include Atlanta, Boston, Chicago, Detroit, Las Vegas, Los Angeles, New York, Philadelphia, Phoenix, San Francisco and West Palm Beach.

CONTACT: Perini Corp.

Kathleen Fyfe, 508/628-2402