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Granite Subsidiary Awarded $279 Million Tunnel Project in Connecticut

GVA | July 25, 2016

Granite Subsidiary Awarded $279 Million Tunnel Project in Connecticut

Granite Construction Incorporated (NYSE:GVA) announced today that the joint venture team comprised of Kenny Construction Company, a wholly-owned Granite subsidiary, and Obayashi Corporation has been awarded a $279 million contract by The Metropolitan District to construct the South Hartford Conveyance and Storage Tunnel (SHCST) in Hartford, Connecticut. Granite’s portion of the contract is 65 percent. As consolidating partner, the total contract award of $279 million will be booked into Granite’s backlog in the second quarter of 2016.

The joint venture team will be responsible for the construction of a four mile long, 18-foot diameter lined tunnel, launch shaft, retrieval shaft, pump station excavation shaft, seven drop shafts, seven adits with de-aeration chambers, and an odor control building at the retrieval shaft.

The SHCST will convey and store wastewater from portions of South Hartford and West Hartford, and minimize sewer overflows into the local Connecticut River and Long Island Sound during major storm events.

Funding for this project is provided by the Department of Energy and Environmental Protection Clean Water Fund. Construction is scheduled to begin August 2016 and scheduled for completion by fall 2020.

About Granite

Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE:GVA) is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite 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 seven 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.