VSE Corporation Awarded Delivery Orders under NAVSEA FMS Support Contract Totaling More than $19M


VSE Corporation (NASDAQ: VSEC) reported today that its International Group has received several delivery orders totaling $19,477,041 to continue work performed under its Foreign Military Sales (FMS) Naval Ship Transfer and Repair (N*STAR) contract through the Naval Sea Systems Command (NAVSEA) International Fleet Support Program. The recent delivery order awards, supporting three separate programs, that were awarded under the Indefinite Delivery/Indefinite Quantity (IDIQ) contract include:

Egyptian Navy Fast Missile Crafts Infrastructure Support
VSE will provide logistics, planning, and engineering services to modernize and improve the infrastructure at the Abu Quir Egyptian Naval Base. These improvements and upgrades will support the newly constructed U.S. Built Fast Missile Craft (FMC) slated to enter service sometime after 2013. Additional follow on support contracts for VSE are expected at the completion of the acquisition phase.

Turkish Navy Anti-Air Warfare System Upgrade
VSE will provide continued services to the Turkish Navy for engineering, technical services and material procurement in direct support of the Turkish Navy's Evolved Sea Sparrow Missile (ESSM) upgrade program for their G class (ex-USS Oliver Hazard Perry class guided missile frigates) and MEKO Track II class ships. This effort has been underway since 2006 and is expected to complete by 2015.

Taiwan Navy Overhaul Technical Assistance
VSE will provide overhaul services and In Country Technical Assistance Team (ICTAT) support to the Taiwan Navy in direct support of ROCS Ma Kong DDG-1805, a Kee Lung class guided missile destroyer (ex-USS Chandler, a Kidd class destroyer), logistics support services for ex-USS Oriole (MHC-55) and ex-USS Falcon (MHC-59), Sonar Dome Rubber Window Replacement and ICTAT for the installation of PFG-2 Class combat systems communications suite enhancements.

"VSE and our entire N*STAR Team are proud to continue our FMS work for the U.S. Navy and our allies,” said International Group President Harry Flammang. “These diverse delivery order awards are indicative of the partnership and trust that exists between our International Group's GLOBAL Division and our Navy customer. As always, we strive to provide quality, cost-effective performance and on time delivery to our NAVSEA client, and in the process, strengthen the relationship with our many foreign allies."

Source: VSE Corporation
Date: Jul 27, 2012