WATSONVILLE, Calif.–(BUSINESS WIRE)–Granite (NYSE:GVA) announced today it has been awarded a $505 million
higher-speed rail project by Virgin Trains USA Florida for their
expansion to Orlando, Florida. Granite will oversee Zone 3: encompassing
35.5 miles of rail alignment between Orlando International Airport and
Cocoa. Of the total contract value, approximately $490 million was
booked in Granite’s fourth quarter 2018 backlog and the remaining $15
million will be included in its second quarter 2019 backlog.

Currently operating between Miami, Fort Lauderdale and West Palm Beach,
Virgin Trains USA is the only privately owned and operated intercity
passenger rail service in the United States. Providing fast, efficient,
hospitality driven transportation featuring the latest in
customer-friendly amenities, Virgin USA is also planning to expand from
Orlando into Tampa. The company recently announced that it will
construct and operate a new express service connecting Las Vegas to
Southern California.

“As one of the nation’s leading rail and transit contractors, Granite is
proud to be a partner on this iconic project, which once completed, will
provide Florida residents and visitors with a world-class transit
system,” said Granite President and Chief Executive Officer, James H.
Roberts.

Scope of Granite’s work includes approximately 525,000 cubic yards of
excavation, 5 million cubic yards of embankment fill, 1.2 million square
feet of mechanically stabilized earth retaining wall, 2,000 cubic yards
of cast in place concrete retaining wall, 18 new bridges, three
underpasses, drainage installations, signal and positive train control
installations, high voltage power and gas utility relocations, and the
creation of 62 track miles of class VII rail construction.

Construction is anticipated to begin in summer 2019 and is estimated to
be complete by 2022.

For additional information on the project, see the Virgin
Trains USA press release
.

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,
and connect with Granite on LinkedIn,
Twitter,
Facebook
and Instagram.

Contacts

Granite Contacts
Media
Jacque Fourchy 831-761-4741
Investors
Ronald
Botoff 831-728-7532