Benzinga | Jul 27, 2020 05:06PM EDT

VSE Corporation Announces $59M In New Contract Commitments

ALEXANDRIA, Va.--(BUSINESS WIRE)-- VSE Corporation (NASDAQ:VSEC), a leading provider of distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced approximately $59 million in new contract commitments, including the following:

* $42 million in new funding received in July 2020 on both new and existing task and delivery orders with the United States Department of Defense ("DOD") and other federal agencies. This includes a 26-month delivery order to provide services under VSE's Foreign Military Sales contract with the Naval Sea Systems Command ("NAVSEA") International Fleet Support Program Office. Under this delivery order, VSE will provide procurement, staging installation and training of the Low Frequency Active Towed Sonar (LFATS) System to an allied country of the United States.

* $17 million, 36-month task order award to continue work under the Contractor Field Team (CFT) program. Under the terms of this task order, VSE will continue to provide corrosion control treatment, prevention and repair maintenance to aircraft, aerospace ground equipment and support equipment at Kadena Air Base in support of the 18th Wing, 353rd Special Operations Group and Navy Commander Task Force 72 for up to three more years.

"We are honored to provide the highest level of support to our service men and women, allies and civil servants in the field through long-term partnerships with the DOD and other federal agencies," stated John Cuomo, President and CEO of VSE Corporation. "In our Federal and Defense segment, we have significantly increased our bidding activity on a year-over-year basis, and these recent successes validate our focus on leveraging VSE's core competencies to build a robust, growing book of business - including both new business wins and renewal awards."