K2-Parsons Team Wins $253 Million DHS Radiation Portal Monitor Deployment Contract

Rhea-AI Summary

K2 Construction Consultants, Parsons Corporation, and Culmen International awarded $253 million contract by DHS for deployment of technology to detect nuclear and radiological devices entering the United States.

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• The team led by K2 Construction Consultants, Parsons Corporation, and Culmen International has been awarded a five-year contract worth approximately $253 million by the Department of Homeland Security (DHS) Countering Weapons of Mass Destruction Office (CWMD). This contract will involve the deployment of technology to detect nuclear and radiological devices entering the United States.

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CHANTILLY, Va., Oct. 13, 2023 (GLOBE NEWSWIRE) -- A team led by K2 Construction Consultants and including Parsons Corporation (NYSE: PSN) and Culmen International was awarded a five-year indefinite-delivery, indefinite-quantity contract with a total potential value of approximately $253 million by the Department of Homeland Security (DHS) Countering Weapons of Mass Destruction Office (CWMD) for deployment of technology to detect nuclear and radiological devices entering the United States. The contract is a new, competitively won award by the team.

The team will deploy radiation portal monitors (RPM) for the Radiation Portal Monitor Program, which ensures first responders’ ability to recognize, interdict, and disrupt the movement of radiological and nuclear materials through the United States’ borders. Units will be deployed across the U.S.–Mexico and U.S.–Canada borders, as well as in major airports, seaports, and global postal facilities.

“The critical importance of preventing nuclear and radiological material from entering the United States cannot be overstated,” said Jon Moretta, president, Engineered Systems for Parsons. “In close partnership with the DHS and K2, we look forward to deploying technologies that ensure the continued protection of American citizens and success of the RPM mission.”

Together, the K2, Parsons, and Culmen team brings depth and breadth of capability for development of threat reduction systems, integration of security screening ancillary technologies, as well as construction, procurement and logistics management.

“We are excited to expand our support of DHS to the CWMD mission from our many Transportation Security Administration (TSA) programs installing security screening systems and technology,” said Paul Krogh, chief executive officer of K2 Construction Consultants, Inc. “The team brings extraordinary capabilities and wide-ranging expertise for the development of threat reduction systems, integration of security screening technologies, as well as program and logistics management, procurement, and construction.”

To learn more about Parsons’ global security and mission solutions, visit Parsons.com/security-and-mission-solutions/.

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 protection. 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

FAQ

Who has been awarded the contract?

The contract has been awarded to a team led by K2 Construction Consultants and including Parsons Corporation and Culmen International.

What is the value of the contract?

The contract has a total potential value of approximately $253 million.

What is the purpose of the contract?

The contract is for the deployment of technology to detect nuclear and radiological devices entering the United States.

How long is the contract?

The contract is for a duration of five years.

Who awarded the contract?

The contract was awarded by the Department of Homeland Security (DHS) Countering Weapons of Mass Destruction Office (CWMD).