Parsons Flat on Winning Military Contract
Parsons Corporation (NYSE: PSN) shares barely moved in the first hour on Thursday, as the Chantilly, Va.-based company its joint venture (JV) with Versar was awarded a $75-million single award delivery order contract by the United States Army Corps of Engineers (USACE) Middle East District for construction phase support services (CPSS).
The contract includes a three-year base period of performance and a two-year option period. Parsons serves as the JV managing partner.
Under this contract, Parsons-Versar will continue providing construction management services that advance a sustained USACE presence in the Central Command Area of Responsibility and provide support to both Foreign Military Sales and Military Construction Programs.
“Parsons has been a trusted U.S. Army Corps of Engineers partner for decades, delivering innovative infrastructure solutions for the federal government,” said Jon Moretta, President, Engineered Systems for Parsons.
“As we have for the past 12 years, we will continue to leverage the JV’s combined experiences and capabilities to advance the Middle East District’s mission to provide construction management to partners across the CENTCOM Area of Responsibility, advancing our nation’s security.”
Parsons-Versar has provided CPSS to the USACE Middle East District on more than 60 task orders over the past 12 years.
“This award is the third CPSS contract iteration,” read this morning’s news release, “Parsons has extensive experience working in complex and austere environments and is a globally recognized construction management leader.”
PSN shares grabbed a dime to $76.17.
