Parsons Selected to Help Deliver Manchester’s Cemetery Brook Drain Tunnel
Parsons (NYSE: PSN) has been selected by the City of Manchester, NH, to manage the Cemetery Brook Drain Tunnel Project, the city's largest public works project to date. The three-year, $16 million contract involves program and construction management services aimed at reducing flood risks, eliminating combined sewer overflow (CSO) discharges into the Merrimack River, and ensuring clean drinking water from the river.
The new tunnel, part of Manchester's $338 million Phase II investment to improve water quality, will be two miles long with a 12-foot diameter and constructed 30 to 80 feet underground. It will feature seven drop shafts and include utility upgrades, road rebuilds, and added community amenities.
Parsons, with 80 years of experience and over 250 tunnel projects worldwide, brings extensive expertise in managing complex geologic environments.
- Parsons secured a three-year, $16 million contract for the Cemetery Brook Drain Tunnel Project.
- The project aims to reduce flood risks and eliminate CSO discharges into the Merrimack River, enhancing water quality.
- Manchester's investment in the project is part of a larger $338 million Phase II initiative.
- No negative business aspects reported.
Insights
The announcement of Parsons Corporation securing a
Short-term implications include an immediate boost in revenue projections and increased investor interest, which could positively impact share prices. Long-term implications are centered around Parsons' strengthened market position and enhanced portfolio, which could attract further similar contracts. Given that infrastructure projects often have extended timelines and robust funding, this deal underscores Parsons' potential for sustained growth.
An important aspect to consider is the company's historical performance in delivering complex projects on time and budget, a factor that should be reassuring to stakeholders. However, investors should also be mindful of potential risks associated with large-scale projects, including cost overruns and construction delays.
The Cemetery Brook Drain Tunnel Project is significant not only from a financial perspective but also for its environmental impact. By addressing combined sewer overflow (CSO) discharges, the project aims to dramatically improve water quality in the Merrimack River. This is critical for preserving the river as a source of clean drinking water and enhancing the local ecosystem.
From an engineering standpoint, the project involves constructing a two-mile-long tunnel with a 12-foot diameter and drop shafts to handle water flows effectively. The technical demands of such infrastructure require advanced tunneling and water management expertise, areas where Parsons has a proven track record. The project's scope also includes upgrading utilities and urban amenities, which will benefit the community's resilience and quality of life.
These improvements align with broader trends towards sustainable and resilient urban infrastructure, enhancing Parsons' reputation in the industry. However, stakeholders should consider the complexity of such environmental projects and the long-term maintenance required to sustain their benefits.
New tunnel designed to improve water quality in the Merrimack River
CHANTILLY, Va., June 26, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by the City of Manchester, New Hampshire, to help deliver the new Cemetery Brook Drain Tunnel Project, the city’s largest public works project to date. The three-year,
“We are proud to leverage our engineering, water, and tunnel expertise to help the City of Manchester improve water quality and community health,” said Mark Fialkowski, President, North America Infrastructure for Parsons. “Our cutting-edge tunneling knowledge and program and construction management capabilities have delivered underground structures including storm and wastewater tunnels that keep water moving and help deliver clean drinking water where it is needed all around the world.”
The Cemetery Brook Drain Tunnel is the centerpiece of Phase II in Manchester’s more than
Parsons is a global leader in critical infrastructure excellence, with 80 years of experience planning, designing, and engineering complex tunnel projects. With more than 250 tunnels and ocean outfalls around the world, Parsons’ projects have involved challenging geologic environments, from seismically active Southern California to the Chesapeake Bay’s alluvial coastal plain.
To learn more about Parsons’ tunnel expertise, visit parsons.com/tunnel/.
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.
Media Contact:
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@parsons.com
Investor Relations Contact:
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Dave.Spille@parsons.com
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