December 19, 2003

News Release: Perini's Task Order for Power Restoration in Iraq Increased to $220 Million

Perini Corporation (AMEX:PCR) announces the increase of its Task Order with the U.S. Army Corps of Engineers (COE) for additional power restoration work in Iraq. Since announcement of the original award for $66 Million, the scope of work and the value of the Task Or der has increased to a total Task Order value of $220 Million.

The Task Order was awarded under Perini's Contingency Contract with COE's Transatlantic Programs Center to provide design-build, general construction, and operations and maintenance services in the U.S. Central Command's area of operations (CENTCOM). The maximum potential value of the contract, which was originally awarded in April for up to $100 million, has been increased to a ceiling of $500 million. Perini's team includes Tetra Tech of Framingham, MA; POWER Engineers of Boise, Idaho; Willbros Group of Tulsa, Oklahoma; Nimrod/PPI of Dubai, U.A.E.; and Hart/ELS Security Services of the U.K.

Interested vendors and subcontractors may register on Perini's website www.perini.com. by clicking on the CENTCOM Task Force Restore Iraqi Electricity (SVR) icon.

Robert Band, President and Chief Operating Officer, stated, 'Perini has a long history of performing large scale construction projects, and has worked in many logistically challenging environments around the world. This project draws upon the company's depth of experience and construction management skills to provide exceptional service to the U.S. Department of Defense.'

About Perini Corporation

Perini is known for its construction management and design-build services for U.S. government agencies, and for its hospitality and gaming, corrections, healthcare, sports, entertainment and educational expertise, as well as for large and complex civil construction projects.

The statements contained in this Release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the Company; changes in federal and state appropriations for infrastructure projects; possible changes or developments in worldwide or domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or not taken by third parties including the Company's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Perini Corporation

Perini Management Services, Inc. Edward M. Greco, 508-628-2417 or Perini Corporation Robert Band, 508-628-2295

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