Exhibit 99.1

For Immediate Release                                             March 30, 2000

         PERINI ANNOUNCES COMPLETION OF $81 MILLION RECAPITALIZATION AND
                        $56 MILLION BANK CREDIT AGREEMENT

Framingham,  MA -- Perini Corporation  (AMEX:PCR) (the "Company") announced that
the Company has  completed  the $40 million sale of  9,411,765  shares of common
stock at $4.25 per share (the  "Transaction")  to  Tutor-Saliba  Corporation  of
Sylmar,  CA, O&G  Industries,  Inc. of  Torrington,  CT, and National Union Fire
Insurance  Company of  Pittsburgh,  Pa., a  wholly-owned  subsidiary of American
International  Group,  Inc.  (collectively  the "New  Investors").  Tutor-Saliba
Corporation  is owned and  controlled  by Ronald N.  Tutor,  who also  serves as
Chairman of the Company's Board of Directors and Chief Executive Officer.

A Special Committee of the Company's Board of Directors approved the Transaction
after receiving a fairness opinion from the investment  banking firm of Houlihan
Lokey  Howard & Zukin.  A majority of  outstanding  common  shares,  including a
majority of shares held by  disinterested  shareholders,  were voted in favor of
the Transaction.

In addition,  the Company  announced  that 100% of its Series B Preferred  Stock
(which had a current  accreted face amount of  approximately  $41.2 million) has
been exchanged for 7,490,417 shares of common stock at $5.50 per share.

The shares of common stock issued in the Transaction represent approximately 42%
of the Company's  voting rights and the New Investors have the right to nominate
three members to the Company's  Board of  Directors.  The former  holders of the
Series B Preferred Stock now control  approximately  33% of the Company's voting
rights  and  continue  to be  entitled  to  nominate  up to two  members  of the
Company's Board of Directors.

In connection with the  Transaction,  the Company has negotiated the terms of an
Amended and  Restated  Credit  Agreement  (the "Credit  Agreement").  The Credit
Agreement  provides for restructuring of the Company's  existing credit facility
into a $35  million  term loan (the  "Term  Loan") and a $21  million  revolving
credit facility (the "Revolving Credit Facility"). The Credit Agreement requires
that the Company  repay the Term Loan  quarterly  through 2002 and the Revolving
Credit Facility by January 21, 2003.


This recapitalization of Perini Corporation results in approximately $38 million
of positive net worth and improved liquidity to support the Company's successful
core construction  operations.  Mr. Tutor, Chairman and Chief Executive Officer,
said  "we  plan  to  create  substantial   shareholder  value  through  improved
profitability in our Building and Civil construction operations."

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
statements regarding the Company's expectations,  hopes, beliefs,  intentions or
strategies regarding the future.  Forward-looking statements involve a number of
risks,  uncertainties  or  other  factors  that  may  cause  actual  results  or
performance to be materially  different from those  expressed or implied by such
forward-looking  statement.  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;   changes  in  federal  and  state  appropriations  for
infrastructure  projects;  possible  changes or  developments  in  worldwide  or
domestic, social, economic, business, industry, market and regulatory conditions
or  circumstances;  and  actions  taken or omitted to be taken by third  parties
including the Company's customers, suppliers, business partners, and competitors
and legislative,  regulatory,  judicial and other  governmental  authorities and
officials.


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