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VSE Global Division Retains U.S. Naval Sea Systems Contract - Update

1/30/2012 7:55 AM ET

VSE Corp. (VSEC: Quote) Monday said its global division has retained a one-year $277 million cost-plus-award-fee, contract by the U.S. Naval Sea Systems Command as the U.S. Government Accountability Office denied a protest to the award of the contract to the company.

The indefinite-delivery, indefinite-quantity contract, having five-year maximum potential of $1.5 billion, was announced originally on October 3, 2011.

The contract is for continuous lifecycle support of naval vessels bought, sold, or otherwise transferred to Foreign Military Sales customers through the International Fleet Support Program.

VSE will lead its Naval Ship Transfer and Repair team with services to foreign customers and allies, including design, configuration management, field engineering, maintenance planning and maintenance, among others.

In addition, the team will provide engineering, technical, procurement, logistics, test, inspection, calibration, repair, maintenance, equipment upgrade installation, and overhaul support services.

Raytheon, Science Applications International Corp., Thales Naval, Inc., Lockheed Martin, Computer Sciences Corp. and BAE Systems are some of the other team members.

VSE has been performing Ship Transfer and Follow-on Technical Support work for the Naval Sea Systems Command since 1995.

VSEC closed on Friday at $25.76, up from the prior close of $25.11, on 3,800 shares.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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