Parsons-Versar Joint Venture Wins $75 Million US Army Corps of Engineers Construction Management Contract

Parsons Corporation and Versar have been awarded a $75 million contract by the US Army Corps of Engineers for construction phase support services. The contract has a three-year base period with a two-year extension option. Parsons-Versar JV has a 12-year partnership history with over 60 task orders completed with USACE. The contract reinforces Parsons' capabilities in managing complex international projects and supporting US infrastructure endeavors.

Parsons Corporation (NYSE: PSN) and Versar have been awarded a $75 million contract by the U.S. Army Corps of Engineers (USACE) for construction phase support services. The contract includes a three-year base period with a two-year extension option, highlighting the long-term commitment from the USACE to Parsons-Versar Joint Venture (JV).

This award builds upon Parsons-Versar JV's 12-year partnership with the USACE Middle East District, which has seen over 60 task orders completed. The JV's extensive experience in managing complex international projects underscores its capability to deliver robust construction management solutions.

Parsons Corporation, known for its expertise in construction management, is recognized as a top professional services firm. The company's end-to-end project support services, ranging from master planning to asset management, align with the USACE's mission to provide construction management support to partners across the Central Command Area of Responsibility.

The contract award reflects strong demand for construction phase support services, providing potential long-term revenue stability and growth for Parsons Corporation. However, the company remains subject to risks associated with government contracts, such as changes in budgetary priorities and procurement practices. Additionally, compliance with security clearances and certifications is crucial for the successful execution of the contract.

Forward-looking statements from Parsons Corporation emphasize the inherent uncertainties and risks that could lead to actual performance differing materially from expectations. Investors should be aware of these risks and consider them in their investment decisions.

References:
[1] https://investors.parsons.com/news-releases/news-release-details/parsons-versar-joint-venture-awarded-75-million-us-army-corps
[2] https://www.quiverquant.com/news/Parsons+Corporation+and+Versar+Awarded+%2475+Million+Contract+for+Construction+Support+Services+by+US+Army+Corps+of+Engineers