Parsons Awarded $21 Million Contract to Safeguard Southern Nevada's Water Supply

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has been awarded a $21 million contract by the Southern Nevada Water Authority (SNWA) to enhance water supply management in Las Vegas. This contract extends a partnership dating back to 1993, focusing on sustainable water distribution and watershed management. The three-year agreement includes options for three additional three-year extensions. Over the years, Parsons has contributed to over $4 billion in infrastructure development for SNWA, including innovative solutions to improve water supply resilience amid regional growth and drought challenges.

Positive

• Awarded a $21 million contract, extending a long-term partnership with SNWA, enhancing revenue potential.
• The contract includes options for additional extensions, indicating stable future revenue.
• Demonstrates expertise in water management, bolstering Parsons' reputation in critical infrastructure.

Negative

• None.

CENTREVILLE, Va., Dec. 9, 2020 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) announced today that the company has been selected by the Southern Nevada Water Authority (SNWA) to continue providing program and construction management services to improve and increase the water supply to Las Vegas. Continuing a partnership that began in 1993, the new contract will focus on water distribution and watershed sustainability.

"The Southern Nevada Water Authority is a leader in water treatment and delivery, focused on improving resiliency and addressing long-term needs of the region's growing population, through predictive, adaptive and sustainable methods," said Mark Fialkowski, executive vice president, Mobility Solutions market for Parsons. "We have been privileged to support SNWA's quest for water security over the past 27 years, and we look forward to continue tackling technical challenges on behalf of the 2.2 million citizens who rely on SNWA for drinking water."

The three-year, $21 million contract includes the option for three additional three-year extensions, totaling twelve years. Parsons will support program and construction management, construction inspection, project controls, labor relations and compliance, and project management information system support.

Throughout the history of the partnership, Parsons has supported more than $4 billion of infrastructure development, helping build critical facilities and using innovative technologies and processes to meet the demands of growth and drought in Southern Nevada. Most recently, Parsons managed design and construction for a new pumping station that allows SNWA to draw water from any lake level, providing the region with greater flexibility to expand the water supply in a sustainable and efficient manner.

To learn more about Parsons' water and wastewater expertise, visit Parsons.com/water-wastewater/.

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we're making an impact.

Media Contact: 
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@Parsons.com

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
Dave.Spille@parsons.com

 

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SOURCE Parsons Corporation

FAQ

What is the value of the contract awarded to Parsons Corporation by SNWA?

The contract is valued at $21 million.

How long is the new contract for Parsons with the Southern Nevada Water Authority?

The new contract is for three years with options for three additional three-year extensions.

What does the new contract for Parsons entail?

It covers program and construction management services to enhance water supply in Las Vegas.

What is Parsons Corporation's stock symbol?

Parsons Corporation's stock symbol is PSN.

When was the press release about Parsons' contract with SNWA issued?

The press release was issued on December 9, 2020.