Navy Contract Worth $250M Received By Prism Maritime

Credit: Cytonn Photography/Unsplash

Chesapeake-based Prism Maritime LLC has received a contract valued up to $250.8 million to install, modify and upgrade various combat systems for the Navy, Coast Guard and for foreign militaries, according to the Pentagon.

Cost Type Contract

The cost-plus-fixed-fee, cost-type contract, announced Friday, will continue through October 2027 if all options are exercised. Work will be performed on shore at land-based test facilities, shipyards and onboard ships in port or at sea for the Navy, Coast Guard and at foreign military sale locations and supports the Alteration Installation Team at Navy Surface Warfare Center Port Hueneme Division in California.

Investing Incoming

Fiscal 2023 funds totaling $10,000 were obligated at the time of the award. Prism was among three contractors to submit a bid. In 2021, the company announced it would invest $4 million to construct two 12,000-square-foot buildings for manufacturing, lab and storage space.

Did you subscribe to our newsletter?

It’s free! Click here to subscribe!

Source: Virginiabusiness