Parsons Working with U.S. Navy to Rebuild China Lake

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has secured a four-year, $37 million contract from Naval Facilities Engineering Command Southwest to assist in rebuilding efforts at Naval Air Weapons Station China Lake. This award is part of a broader $2.5 billion earthquake recovery program following a 7.1 magnitude earthquake in July 2019. Parsons will provide essential programmatic, technical, risk, and build management services. This contract underscores Parsons' expertise in partnering with the Department of Defense on complex projects.

Positive

• Awarded a new contract worth $37 million, enhancing revenue prospects.
• Contributes to the $2.5 billion earthquake recovery initiative, indicating long-term partnership potential with the Department of Defense.

Negative

• None.

CENTREVILLE, Va., Dec. 3, 2020 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) was awarded a four-year, $37 million contract by Naval Facilities Engineering Command Southwest (NAVFAC SW) to support rebuilding efforts at Naval Air Weapons Station China Lake. The contract is a new, competitive win for Parsons.

The company will provide programmatic, technical, risk, and build management services in support of ongoing earthquake recovery efforts, which are part of the NAVFAC's $2.5 billion earthquake recovery program at China Lake.

"Parsons has a long and successful history of partnering with the Department of Defense on large, complex programs," said Chris Alexander, Parsons' executive vice president, and engineered systems market leader. "We look forward to providing NAVFAC with the full range of professional services oversight necessary to rebuild China Lake."

China Lake was struck by a 7.1 magnitude earthquake in July 2019, which caused operations to be sustained at a reduced capacity until earthquake recovery efforts such as construction and repairs are completed.

To learn more about Parsons federal infrastructure capabilities, please visit: https://www.parsons.com/capabilities/engineered-systems/

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:
Bryce McDevitt
+ 1 703.851.4425
bryce.mcdevitt@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 Parsons received for China Lake?

Parsons Corporation was awarded a $37 million contract for rebuilding efforts at Naval Air Weapons Station China Lake.

What is the duration of Parsons' contract with NAVFAC SW?

The contract awarded to Parsons is for a duration of four years.

What is the significance of the earthquake recovery program at China Lake?

The recovery program at China Lake is part of a larger $2.5 billion initiative to restore operations after a 7.1 magnitude earthquake in July 2019.

How does Parsons plan to assist in the rebuilding efforts at China Lake?

Parsons will provide programmatic, technical, risk, and build management services as part of the rebuilding efforts.

What sector does Parsons operate in?

Parsons operates in the defense, intelligence, and critical infrastructure sectors.