VSE Awarded $74M Delivery Order to Support Taiwan’s Maritime Defense Efforts
ALEXANDRIA, Va.-- VSE Corporation (NASDAQ: VSEC) has been awarded a cost-plus award fee delivery order 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 delivery order has a 16-month period of performance and a potential value of up to $74 million.
Under this delivery order, VSE will manage the industrial work, logistics and crew training required to reactivate ex-USS Taylor (FFG 50) and ex-USS Gary (FFG 51) for the Taiwan Navy. The industrial work is being performed in Charleston, SC. Each ship will receive a Dry-Docking Selected Restricted Availability (DSRA) during which all hull, mechanical and electrical systems, as well as selected combat systems will be reactivated and fully tested to ensure the ships are returned to full operating capability. The Taiwan crews will receive training on maintenance and operation of the FFG systems which will include training in the classroom, on-the-job training, and underway operational exercises.
"VSE and our entire N*STAR Team remain committed to providing superior engineering, logistics and training services to our foreign navy allies under our NAVSEA FMS contract,” said JR Brown, Federal Services Group President. “These delivery orders allow us to provide vital support to foreign navies to achieve their maritime mission requirements.”
“Since 1995 VSE has transferred more than 48 ships to foreign governments, including the transfer of twelve ex-U.S. Navy ships to Taiwan,” said Maurice “Mo” Gauthier, VSE CEO, President and COO. “Our N*STAR Team is comprised of the maritime industry’s best firms at providing affordable sustainment of allied fleet assets and modernizing those assets to provide mission relevance across a broad spectrum of operational needs.”
Established in 1959, VSE is a diversified logistics and services company with experience in solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our federal and commercial clients successful by delivering innovative solutions for vehicle, ship, and aircraft sustainment, supply chain management, platform modernization, mission enhancement, program management, energy, IT, and consulting services. For additional information regarding VSE services and products, please see the Company's web site at www.vsecorp.com or contact Christine Kaineg, VSE Investor Relations, at (703) 329-3263.
Christine Kaineg, Investor Relations
Source: VSE Corporation
Released July 21, 2016