Fluor JV Wins 1st Tranche of $240 Million Navy Contract
The U.S. Department of Defense announced 14 new contracts on Thursday that could be worth more than $640 million. By far the largest of these awards was an indefinite-delivery/indefinite-quantity multiple award design-build construction contract to be split among six separate companies.
Over the course of the next year -- and potentially three more years if all contract "options" are exercised -- five privately owned contractors, plus the joint venture between Richard Brady & Associates (a Section 8(a) Small Disadvantaged Business (SDB) enterprise) and partner Fluor , known as "Brady-Fluor LLC," will work on projects for the Naval Facilities Engineering Command (NAVFAC) Southeast Area Of Responsibility (AOR).
Assuming all three option years are exercised and this contract runs to four years total, this contract should ultimately be worth $240 million to the contractors. As of today, only the portion of the contract awarded to Brady-Fluor has a specific dollar value attached to it -- $9.8 million, payable for constructing a new Ground Maintenance Shop at Marine Corps Air Station in Beaufort, S.C., by August 2014.
The article Fluor JV Wins 1st Tranche of $240 Million Navy Contract originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Fluor. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.