Parsons Mideast Pipeline Robust, Nets Saudi Contracts

Parsons, a leader in engineering, construction, technical and management services, said currently it has the largest qualified pipeline in the company’s history in both Saudi Arabia and the Middle East overall and its Saudi business is so diverse that no single contract represents more than 2% of its total revenue.

For the second quarter, Parsons had secured contracts worth over US$160 million in Saudi Arabia, including a confidential US$41 million contract for technical consulting, US$60 million of additional scope on existing contracts and approximately US$30 million of new work for a resort and marina and new work supporting a Saudi developer.

Announcing this during the presentation of its Q2 results, Parsons said its momentum in the Middle East, and the Saudi market in particular, continues as both markets achieved double-digit year-over-year revenue growth in the second quarter, exceeding its Q2 plan.

The company also increased its fiscal year 2024 forecast for both markets.

Parsons said it continues to win new business across both segments and all six end markets. During Q2, the company won two single-award contracts worth more than US$100 million each, it added.