DHS Homeland Security Contracts — March 04, 2026

$2.08B obligation to Bollinger for up to 26 cutters commits to full 58-fleet buildout, with potential $2.14B including options through 2028.

$106M order to Birdon for LLTM vessels extends revenue visibility to 2034, with $110M option potential and $10M already outlayed.

$105M firm fixed price order to BCCG for Weslaco, TX barrier underscores CBP infrastructure push, fully obligated for 13-month execution.

Fixed-price structures expose contractors to cost overruns, amplified by low outlays ($0-$10M vs. $105M-$2B obligations).

Extended timelines (2026-2034) and $0-$10M initial outlays heighten appropriation risks for Phase II completions.

$68M Bollinger options + $5M Birdon upside could add $73M near-term value in FRC/ship repair.

10-year Birdon commitment signals sustained DHS vessel sustainment needs post-FRC buildout.

BCCG's full $105M obligation aligns with potential CBP border expansion.

96% of $2.29B value in Coast Guard shipbuilding/repair (NAICS 336611) via multi-year FRC and LLTM contracts.

$105M CBP barrier award amid full competition highlights infrastructure continuity.

{"entity"=>"Bollinger Shipyards", "reason"=>"Dominates 91% of value; $0 outlay flags funding dependency for 2026-2028 deliveries.", "trigger"=>"Outlay >$100M or option exercise"}

{"entity"=>"US Coast Guard Budget", "reason"=>"Funds 96% of obligations; Phase II completion critical for Bollinger/Birdon.", "trigger"=>"FY2027 appropriation cuts/delays"}

{"entity"=>"Birdon America", "reason"=>"10-year horizon offers outsized revenue stability for small disadvantaged firm.", "trigger"=>"Options to $110M by 2027"}