05:04 PM EST, 11/11/2025 (MT Newswires) -- Parsons (PSN) said late Tuesday it secured a position on the $15 billion Pacific Deterrence Initiative Multiple Award Construction Contract by the Naval Facilities Engineering Systems Command.

Under the contract with a 5-year base period and three one-year option periods, Parsons will compete for task orders to provide engineering services for projects encompassing runways, hangars, warehousing, as well as energy and fuel storage, the company said.

The contract is part of the Pacific Deterrence Initiative of the US Department of Defense program, designed to bolster deterrence capabilities and improve regional security, according to a statement.

Shares of Parsons rose 1.6% during after-hours activity.