VSE Corporation Awarded $91.1M in FMS Delivery Orders in Q1 2017
ALEXANDRIA, Va.--(BUSINESS WIRE)-- VSE Corporation (NASDAQ: VSEC) was awarded several delivery orders during the first quarter of 2017 totaling approximately $91.1 million issued under our Foreign Military Sales (FMS) support contract by the Naval Sea Systems Command (NAVSEA) International Fleet Support Program Office. The recent awards include:
Egyptian Navy In-Country Technical Assistance and Support
We will provide in-country Follow-On Technical Support (FOTS) for the OSPREY Class Mine Hunter Coastal (MHC) Vessels, including modernization, technical, logistics, training, facilities, and administrative support to NAVSEA PMS 326 and the Egyptian Navy’s MHC vessels under two delivery orders. These delivery orders have a period of performance of 16 months and 24 months, respectively, and total combined funded value of $36.8 million.
Egyptian Navy SMART-S 3D Medium to Long Range Surveillance Radar
We will provide procurement, integration, installation and Harbor Acceptance Testing (HAT) of a SMART-S Radar system onboard an Egyptian Perry Class FFG. This delivery order has a period of performance of 14 months and a total funded value of $21.8 million.
Additional NAVSEA FMS Awards
We were awarded several other delivery orders during the first quarter of 2017 to provide support under our NAVSEA FMS contract with periods of performance ranging between four and 14 months and a combined funded value of approximately $32.5 million.
“We have started the year with strong bookings in support of our NAVSEA FMS program,” said Maurice “Mo” Gauthier, VSE CEO. “Our NAVSEA FMS support team continues to provide exceptional service to our allied navies and we look forward to fulfilling our clients’ diverse requirements.”
Established in 1959, VSE is a diversified products and services company providing logistics solutions 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, and program management, and providing 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.
VSE News Contact:
Christine Kaineg, 703-329-3263
Source: VSE Corporation
Released April 13, 2017