Parsons Secures $225M U.S. Army Corps of Engineers Contract for Environmental Remediation

Parsons Corporation (NYSE: PSN) has been awarded a seat on a $225 million multiple award task order contract (MATOC) by the United States Army Corps of Engineers (USACE) Kansas City District. This contract, which has a one-year base period and four one-year option periods, represents new work for the company and focuses on environmental remediation activities. The contract includes projects funded by the Infrastructure Investment and Jobs Act in support of Environmental Protection Agency (EPA) cleanup projects that protect public health and safety.

Under this contract, Parsons will compete for task orders to advance work assigned to USACE Northwestern Division and USEPA Region 2 at sites requiring hazardous, toxic, and radioactive waste remediation and investigation and environmental studies such as wetlands delineation, habitat mitigation, and pollution prevention. This contract win further solidifies Parsons' position as a trusted partner to the federal government in providing environmental solutions that deliver a cleaner, safer world.

Parsons' extensive experience in PFAS treatment and munitions response has contributed to its success in winning this contract. The company's expertise in these areas, combined with its proven experience, capabilities, and innovative technologies, positions it well to support USACE and EPA remediation actions to protect human health and the environment.

Parsons' environmental remediation project portfolio has expanded significantly with this contract win. In April 2024, the company announced winning a seat on the $464 million U.S. Army Environmental Command MATOC for remediation services at sites involving hazardous toxic waste, including perfluoroalkyl and polyfluoroalkyl substances (PFAS). Additionally, Parsons has secured several other relevant contracts in recent months, including a $68.5 million U.S. Army infrastructure contract in the Republic of the Marshall Islands and a $245 million U.S. Army Corps of Engineers contract related to U.S. Environmental Protection Agency cleanup projects.

This contract win is a significant milestone for Parsons, contributing to its overall revenue growth in the environmental remediation sector. The potential cost savings or efficiencies that Parsons could achieve under this contract may impact the company's bottom line positively. As a result, this contract win could influence Parsons' stock price and market valuation in the near term, reflecting investors' confidence in the company's growth prospects and its ability to deliver on its commitments.