GVP - GSE renews 5-year contract with additional options worth up to ~28.3M for engineering services
- GSE Solutions ( NASDAQ: GVP ) announced a new contract for the expansion of specialized support services to two US Government ( TIMXX ) engineering laboratories dedicated to the support of the US Navy.
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The contract was awarded in January, and the initial year of the contract is worth $5.47M, which will go into the backlog and take effect on February 1, 2023.
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The contract includes additional options for the subsequent four years that, if exercised, would bring the total value to ~$28.3M over five years.
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The company has been under a series of service contracts with these laboratories for 21 years and has been tasked to build and test training systems used across a number of government locations in support of the US Navy.
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Shares are trading up 17% .
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GSE renews 5-year contract with additional options worth up to ~28.3M for engineering services