(RTTNews) - Parsons Corp. (PSN), a digitally enabled solutions provider, on Monday said it has been awarded a $593 million contract extension under the Federal Aviation Administration's Technical Support Services Contract 5.
The extension exercises the first option period under the contract and extends performance through 2030.
Under the contract, the company manages infrastructure and systems upgrades across the National Airspace System, including air traffic control facilities and navigation, communications, power, radar, and surveillance systems.
The upgrades support the FAA's Aviation System Capital Investment Plan, which focuses on modernizing the National Airspace System.
Technical Support Services Contract 5 or TSSC 5 carries a total ceiling value of $1.8 billion, with a four-year base period and two three-year option periods.
In the pre-market trading, Parsons is currently 0.01% higher at $72.74 on the New York Stock Exchange.
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