VSE Corporation Announces Approximately $90 M in Contract Awards

VSE Corporation (NASDAQ: VSEC), a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets in the public and private sectors, today announced approximately $90 million in contract and delivery order awards with the United States Department of Defense (“DOD”).

These awards include the following:

  • A five- and one-half-year contract, commencing in the 2nd Quarter of 2020, to provide procurement and technical support services for the Marine Corps Advanced Amphibious Assault (AAA) family of vehicles. This award represents an increase in contract value, scope and capabilities for work currently performed by VSE.
  • Delivery orders to provide services under VSE’s Foreign Military Sales contract with the Naval Sea Systems Command (“NAVSEA”) International Fleet Support Program Office. Under these delivery orders, VSE will provide maritime program support including logistics, planning, repair and maintenance, training and engineering support to allied countries of the United States.

“Our Federal Services Group recently launched a multi-year business development initiative that seeks to grow bookings and funded backlog through increased penetration of both new and existing markets,” stated John Cuomo, VSE President and CEO. “While this initiative remains in its early stages, these new contract awards reflect progress under our recently appointed Federal Services Group president, Robert Moore.”

“VSE has decades of field-tested expertise in maintaining mission-critical vehicles, ships and aircraft that help to ensure optimal performance throughout their service life,” continued Cuomo. “We are proud to partner with both the Marine Corps and NAVSEA in support of their continued operational readiness.”

Source: VSE Corporation
Date: Apr 13, 2020