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Contract Deobligations Alert — May 14, 2026

Contract Deobligations Alert

By Gunpowder Editorial ·

11 total filings analysed

Executive Summary

This Contract Deobligations Alert covers 11 civilian agency contracts totaling $1,643,975,470 in obligations, with 0 defense-related awards despite one DOD construction contract to S. J. Amoroso Construction Co., LLC for $176.9M. Dominant themes include large-scale construction projects led by Department of State ($778.7M across Caddell Construction and Acuity-CHS) and facilities recapitalization under DHS/Coast Guard. Highest-conviction bullish signal is Caddell Construction Co. (DE), LLC's $698M firm fixed price office building contract through 2027, signaling major State commitment. Key risk is widespread $0 outlays on high-materiality awards like Caddell ($698M), Whiting-Turner ($132M), and Booz Allen Hamilton ($79M), alongside firm fixed price exposure on 6 contracts amplifying execution risks.

Tracking the trend? Catch up on the prior Contract Deobligations Alert digest from May 06, 2026.

Investment Signals (5)

  • Caddell Construction Secures $698M State Office Building Contract (HIGH)

    Caddell Construction Co. (DE), LLC awarded $698,061,227 firm fixed price contract by Department of State for commercial/institutional building construction, performance through 2027-10-24, under full and open competition with $0 outlayed to date.

  • S. J. Amoroso Wins $177M DOD Construction Award (HIGH)

    S. J. Amoroso Construction Co., LLC received $176,962,279 DOD contract awarded 2024-12-11, signaling commitment despite deobligation context.

  • Whiting-Turner Lands $132M DHS Coast Guard Pier Recapitalization (MEDIUM)

    Whiting-Turner Contracting Company awarded $131,865,944 firm fixed price delivery order by DHS Coast Guard for Pier Papa recapitalization at USCG Base Charleston, performance through 2026-11-21 with $0 outlayed.

  • Booz Allen Hamilton Gains $79M GSA Engineering Order with $340M Ceiling (HIGH)

    Booz Allen Hamilton Inc. secured $79,261,970 cost-plus award fee delivery order from GSA Federal Acquisition Service for NEBULA engineering services, base + options $340M through potential 2029.

  • V3Gate VA VMware Contract Nears $134M with $82M Outlayed (MEDIUM)

    $133,910,899 firm fixed price delivery order to V3Gate, LLC by VA Technology Acquisition Center, $81.7M outlayed through 2026-09-30 under SDVOSB set-aside.

Risk Flags (3)

  • Execution [HIGH RISK]

    Firm fixed price structure on $1.13B across Caddell ($698M State), Whiting-Turner ($132M DHS), V3Gate ($134M VA), TEPA ($88M Interior), and ITC Federal ($62M DHS) exposes contractors to high performance cost overruns.

  • Budget [HIGH RISK]

    $0 outlayed on top materiality awards totaling $1.09B including Caddell ($698M), Whiting-Turner ($132M), and Booz Allen ($79M) signals potential deobligation delays or funding halts.

  • Concentration [MEDIUM RISK]

    DHS awards $255.7M across Whiting-Turner ($132M Coast Guard), ITC Federal ($62M ICE), and Noblis ($62M S&T), risking agency-specific budget cuts.

Opportunities (3)

  • Booz Allen Hamilton $340M base + options ceiling on GSA NEBULA engineering through potential 2029, with $71.5M subawards already.

  • McCallie Associates NASA $298M ceiling for GN&C systems engineering, $52M outlayed with 115 subawards $137M.

  • V3Gate SDVOSB set-aside $134M VA VMware support and TEPA tribally-owned $88M Interior school construction signal policy-driven extensions.

Sector Themes (2)

  • $1.1B in construction obligations led by Caddell $698M State office buildings, S.J. Amoroso $177M DOD, Whiting-Turner $132M Coast Guard pier, TEPA $88M Interior schools, all firm fixed price through 2026-2027.

  • $186M across ITC Federal $62M ICE IT platforms ($46M outlayed), Noblis $62M S&T SETA ($46M outlayed), Whiting-Turner infrastructure tie-in.

Watch List (4)

  • 👁

    {"entity"=>"Caddell Construction Co. (DE), LLC", "reason"=>"$698M State contract with $0 outlayed since 2022 award", "trigger"=>"outlay initiation or modifications by 2027-10-24"}

  • 👁

    {"entity"=>"Booz Allen Hamilton Inc. (BAH)", "reason"=>"$79M GSA order with $340M ceiling and $71.5M subawards, $0 outlayed", "trigger"=>"option exercises post-April 2027"}

  • 👁

    {"entity"=>"Whiting-Turner Contracting Company", "reason"=>"$132M DHS Coast Guard pier project $0 outlayed through 2026-11-21", "trigger"=>"outlay progress and scope changes"}

  • 👁

    {"entity"=>"Department of Homeland Security", "reason"=>"$255M across 3 contracts (Whiting-Turner, ITC, Noblis) with mixed outlays", "trigger"=>"FY2027 budget cycle and re-competes 2026"}

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