Parsons Named Lead Designer of I-64 Hampton Roads Express Lanes Segment

Rhea-AI Summary

Parsons (NYSE: PSN) was named lead designer for Lane Construction’s design-build team on the Virginia Department of Transportation’s I-64 Hampton Roads Express Lanes (HREL) Norfolk Segment 1B.

The $389 million design-build contract converts lanes between I-264 and Tidewater Drive and contributes to a continuous 45-mile regional Express Lane network.

Positive

• $389 million design-build contract awarded for HREL Norfolk Segment 1B
• Lead designer role strengthens Parsons’ transportation market presence
• 45-mile continuous regional Express Lane network completion across Hampton Roads

Negative

• None.

Argus Mar 26 session

-0.41% close to close 0.8x rel. volume Open Argus

Details

News Market Reaction – PSN

On Mar 26, the first trading day after this news, PSN closed 0.41% below the previous close.

Data tracked by StockTitan Argus for the Mar 26 session.

Key Figures

Design-build contract value: $389 million Network length: 45 miles General-purpose lanes: 3 lanes each direction +2 more

Design-build contract value

$389 million

Total design-build contract value for HREL Norfolk Segment 1B project

Network length

45 miles

Planned continuous Hampton Roads Express Lanes network length

General-purpose lanes

3 lanes each direction

Existing general-purpose lanes per direction to be maintained on I-64

Express shoulder lanes

1 lane each direction

Part-time high-occupancy express shoulder lane per direction to be added

Roadway delivered

more than 10,000 miles

Total miles of road and highway projects Parsons has delivered globally

Historical Context

5 past events · Latest: Mar 19

5 events

1. Mar 19

   Classified contract extension

   24h Move

   -0.2%

   Award of over $47M classified U.S. government contract extension.

2. Mar 18

   Satellite antenna deployment

   24h Move

   -1.9%

   First SPARTAN phased array antenna integrated into OrbitXchange network.

3. Mar 18

   Ethics recognition

   24h Move

   -5.7%

   Named one of World’s Most Ethical Companies for 17th straight year.

4. Mar 17

   Leadership change

   24h Move

   -5.7%

   Announcement of new CHRO and planned transition from incumbent.

5. Mar 11

   Executive board role

   24h Move

   -3.3%

   Parsons’ CLO appointed to Spire Global’s board of directors.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

design-build, high-occupancy, express lanes, advanced traffic management systems

4 terms

design-build technical

"Parsons Corporation (NYSE: PSN) today announced its role as the lead designer for the design-build team"

A project delivery method where one firm or team is hired to both design and build a physical project under a single contract. It matters to investors because it centralizes responsibility, often speeding delivery and clarifying who bears schedule and cost risks—think of hiring a single contractor to both draw the plans and do the construction instead of coordinating separate architects and builders. That can reduce surprises but also concentrates decision power and oversight.

high-occupancy technical

"into one- part-time, high-occupancy express shoulder lane and three general-purpose lanes"

Describes a property, facility, vehicle, or service operating with most of its available spaces filled—for example many tenants in an apartment building, most seats occupied on a train, or hospital beds in use. For investors it signals strong demand and typically steadier cash flow, like a popular restaurant filling most tables, but also highlights limits to growth without expansion and greater sensitivity to sudden drops in demand or higher upkeep costs.

express lanes technical

"Hampton Roads Express Lanes (HREL) Norfolk Segment 1B, a vital project that fills a critical bi-directional gap"

Express lanes are expedited regulatory or review pathways that allow certain products, permits, or filings to move faster through approval or processing than the standard route. For investors, they matter because faster review can shorten time to market and revenue, reduce uncertainty, and change the timing of cash flows—similar to a fast-pass at an airport that helps a traveler reach their gate sooner and avoid delays.

advanced traffic management systems technical

"Major construction elements include bridge replacements and widening, noise barriers, roadway widening, and advanced traffic management systems"

Advanced traffic management systems are networks of sensors, cameras, software and controls that monitor and direct vehicle flow on roads and highways in real time, like a central conductor coordinating moving parts. Investors care because these systems represent ongoing revenue and service contracts, large infrastructure spending, and data-driven efficiency gains that can cut congestion and costs; their deployment affects companies that build, maintain, or operate transportation technology and public budgets.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CHANTILLY, Va., March 25, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced its role as the lead designer for the design-build team delivering the Virginia Department of Transportation’s (VDOT) Interstate 64 (I-64) Hampton Roads Express Lanes (HREL) Norfolk Segment 1B, a vital project that fills a critical bi-directional gap in the corridor's current Express Lanes toll lane system. The effort is being led by Lane Construction Corporation, who selected Parsons based on the company’s history of designing and delivering exquisite major transportation improvements around the world.

The HREL Norfolk Segment 1B project has a total design-build contract value of $389 million and will convert the current three existing general-purpose lanes and shoulders in each direction into one- part-time, high-occupancy express shoulder lane and three general-purpose lanes in each direction of I-64 between I-264 and Tidewater Drive to support the continued development of the Hampton Roads Express Lanes network, an initiative aimed at improving travel reliability and reducing congestion along this critical regional corridor. Once complete, the HREL will form a continuous 45-mile regional Express Lane network spanning Newport News, Hampton, Norfolk, and Chesapeake, designed to deliver congestion relief and more reliable travel times across one of Virginia's most heavily traveled corridors. Major construction elements include bridge replacements and widening, noise barriers, roadway widening, and advanced traffic management systems, making it a complex and transformative infrastructure investment for the Hampton Roads region.

“The collective team’s effort on the HREL Norfolk Segment 1B project will continue advancing economic and societal improvements across the Tidewater region, while working to reduce congestion and increasing ease of movement for the community,” said Mark Fialkowski, president, Infrastructure North America for Parsons. “Parsons is one of the world’s leading complex infrastructure providers, and we look forward to continuing our decades long history of project success and delivery for the communities in Hampton Roads. As lead engineer for the design-build team, Parsons will provide comprehensive design services for the project, while seeking to minimize traffic disruptions during construction and minimize long-term maintenance requirements.”

This award highlights Parsons’ continued success in securing complex, long-term infrastructure work that reinforces the company’s strong presence in the transportation market. The company has delivered more than 10,000 miles of road and highway infrastructure projects around the world, helping transportation departments save time, maximize value, mitigate traffic impacts, and enhance safety.

To learn more about Parsons’ design-build expertise, visit https://www.parsons.com/alternative-project-delivery/

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Media Contact:
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.us

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Parsons announcing about I-64 HREL Norfolk Segment 1B (PSN) on March 25, 2026?

Parsons was named lead designer for the I-64 HREL Norfolk Segment 1B design-build team. According to the company, Lane Construction selected Parsons and the project has a total design-build contract value of $389 million for conversion and improvements.

How will the $389 million I-64 HREL Norfolk Segment 1B contract affect Parsons (PSN)?

The contract reinforces Parsons’ transportation backlog and design credentials in major projects. According to the company, the award highlights continued success securing complex, long-term infrastructure work and expands its role in the Hampton Roads region.

What scope of work will Parsons (PSN) perform on the I-64 Norfolk Segment 1B project?

Parsons will serve as lead engineer providing comprehensive design services for lane conversions, bridge replacements, widening, noise barriers, and advanced traffic systems. According to the company, designs will seek to minimize construction disruptions and long-term maintenance.

How does the Norfolk Segment 1B project fit into the wider Hampton Roads Express Lanes network (PSN)?

Norfolk Segment 1B fills a bi-directional gap in the corridor’s Express Lanes system and helps form a continuous 45-mile network. According to the company, the completed HREL will span Newport News, Hampton, Norfolk, and Chesapeake to improve travel reliability.

What are the major construction elements included in the I-64 HREL Norfolk Segment 1B awarded to Parsons (PSN)?

Major elements include bridge replacements and widening, roadway widening, noise barriers, and advanced traffic management systems. According to the company, these components make the project complex and transformative for the Hampton Roads corridor.