Plus   Neg

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

VSE Corp. (VSEC) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Canada-based cannabis company Cronos Group Inc. (CRON) and MM Enterprises USA LLC said Monday that they have formed a cross-border joint venture to cater to Canadian consumers. The move comes as Canada plans to legalize adult use of cannabis by the end of this year. MM Enterprises USA, LLC is a U.S. cannabis company with facilities in California, Nevada, and New York. Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion. Tiffany & Co. (TIF) reported fourth-quarter net earnings of $62 million, or $0.50 per diluted share, which were 61% below the prior year's $158 million, or $1.26 per diluted share. The company recorded tax-related charges in the fourth quarter of 2017 and certain impairment charges in last year's fourth...
comments powered by Disqus
Follow RTT