Parsons Strengthens Portfolio In Vital Indo-Pacific Region With Two Milestone Awards From U.S. Army

By: Parsons Services Company via GlobeNewswire

October 17, 2023 at 06:25 AM EDT

CHANTILLY, Va., Oct. 17, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a contract by the United States Army Corps of Engineers (USACE) Honolulu District to provide the design-build delivery of new U.S. Army housing units in the Kwajalein Atoll in the Republic of the Marshall Islands. The three-year, $44 million single-award ceiling value contract is new work for the company.

The company also announced the selection for a task order award with a ceiling value of $27 million over five years from the U.S. Army Engineering and Support Center, Huntsville for remediation and construction support services in Guam. This is new work for the company.

“Parsons is a leader in providing the federal government with solutions to their most complex infrastructure and remediation challenges,” said Jon Moretta, president, Engineered Systems, for Parsons. “Projects of this nature in the Indo-Pacific are uniquely complex due to the logistical and environmental challenges required to operate in the region. Our team has proven to be a trusted delivery partner to USACE, and we look forward to further advancing their mission in support of the U.S. Indo-Pacific Command.”

Under the Kwajalein contract, Parsons will deliver new army housing units on-island in support of the Department of the Army’s modernization initiatives. Under the Guam task order, Parsons will assess munitions, explosives, and material for hazardous removal and provide construction management support for the Missile Defense Agency (MDA) facilities in Guam.

These awards expand the company’s existing footprint in the Indo-Pacific (INDOPAC) region. The Kwajalein army housing units advance the U.S. Indo-Pacific Command’s mission to implement a deterrence strategy at the nation’s Western Flank, and the Guam remediation and construction support services advance MDA’s need to strengthen missile defense on the critical U.S. military hub.

Since 2019, Parsons has been awarded nearly $300 million in INDOPACOM-related contracts by leveraging their program and construction management; engineering and planning; and complex infrastructure expertise. Federal clients include Naval Facility Engineering Systems Command Southwest, which is responsible for a six-state area on the West Coast; Officer in Charge of Construction China Lake, which is executing the nearly $4 billion earthquake recovery program to restore Naval Air Weapons Station China Lake and the Naval Air Weapons Center Weapons Division to fully mission capable; and USACE Honolulu District, which engineers solutions for the nation’s INDOPAC challenges that enable defense readiness.

To learn more about Parsons’ global infrastructure solutions, visit Parsons.com/infrastructure-capabilities/. To learn more about Parsons’ environmental remediation and treatment solutions, visit Parsons.com/environmental/.

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.

Forward-Looking Statements:
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media Contact:
Jonathan Larry
+1 706.832.7330
jonathan.larry@parsons.com

Investor Relations Contact:
Dave Spille
+1 703.775.6191
Dave.Spille@parsons.com

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Parsons Strengthens Portfolio In Vital Indo-Pacific Region With Two Milestone Awards From U.S. Army

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