Parsons Corporation (NYSE: PSN) has been awarded a $514 million, two-year contract option by the Missile Defense Agency to continue providing engineering and technical support for the nation's integrated Missile Defense System.

The award represents the second option under Parsons' existing Technical, Engineering, Advisory, and Management Support (TEAMS) – Next Missile Defense System Engineering contract, which was originally awarded in 2021.

Under the contract, Parsons will provide engineering, technical, analytical, and oversight support, including studies, analysis, evaluation, and management for the integrated Missile Defense System. The work covers missile defense programs designed to protect against threats including ballistic missiles and hypersonic weapons.

"As missile threats grow more advanced, the need for integrated, battle-ready air and missile defense capabilities has never been greater," said Mike Kushin, president of Defense & Intelligence for Parsons.

The Chantilly, Virginia-based company stated it supports the Missile Defense Agency across air, land, sea, space, and cyber domains, including Air Base Air Defense work and electromagnetic warfare capabilities.