Iwaterman LLC

Iwaterman LLC Waterman Unlimited, LLC Division, a minority-owned, Native Hawaiian Organization-owned small business based in Honolulu, Hawaii, operates as a prime contractor delivering specialized Maritime Reconnaissance Vehicle (MRV) and Maritime Rescue Vehicle training to U.S. Special Operations Command and Naval Special Warfare Command. The vendor competes predominantly under Total Small Business set-asides on its core IDIQ vehicle and holds SBA certifications as a self-certified small disadvantaged business.

The vendor's entire federal footprint centers on a single, highly concentrated capability: firm fixed-price MRV Courses of Instruction training in high-surf coastal environments (exceeding 8 feet) within twenty miles of Oahu, Hawaii. Training delivery includes a 1:4 instructor-to-student ratio and a minimum of 25 hours of on-water practical exercises per course, with emphasis on rescue, insertion, and extraction operations for special operations personnel. Two representative prime awards illustrate scope: a $127,080 delivery order from the Department of the Navy (March 2026) for MRV Courses of Instruction training under Total Small Business set-aside, with ultimate completion March 27, 2026, and a $203,700 delivery order from USSOCOM (April 2024) for MRV training services under the vendor's underlying IDIQ contract.

Customer concentration is extreme. USSOCOM accounts for 59 of 65 awards (97% of award count) and $9.1 million of $13 million combined potential value (70%). The Department of the Navy—primarily through its Naval Special Warfare and related commands—holds 4 awards totaling $3.7 million (28% of potential value). The Department of Homeland Security Coast Guard and other Navy sub-commands account for the remainder. The vendor holds two successive single-award IDIQs with USSOCOM: the prior $3.2 million contract (awarded October 2020, ultimate completion October 12, 2025) generated 29 task orders ranging from $8,910 to $203,700, and the new $3.5 million Total Small Business set-aside IDIQ (awarded September 4, 2025, ultimate completion September 3, 2030) issued by the Department of the Navy through Naval Special Warfare Command procures 15 courses annually serving approximately 180 students. A third vehicle, Indefinite Delivery Contract H9224025DE015, carries 3 task orders totaling $234 thousand.

Activity has remained relatively flat across the past five years (6 to 7 awards annually from 2022 through 2024, declining to 6 in 2025 and 2 in 2026 year-to-date). The prior IDIQ vehicle faces completion in October 2025, creating a recompete cliff; however, the September 2025 award of the $3.5 million renewal IDIQ mitigates immediate continuity risk. Of 67 total prime awards in the source, 27% of combined potential value has been obligated ($3.5 million), signaling modest cash flow relative to the ceiling. The vendor holds no subcontracting relationships and competes exclusively as a prime. NAICS concentration is near-complete: 66 of 67 awards are coded to Sports and Recreation Instruction (NAICS 611620), with 64 awards under PSC Education/Training—Other. Iwaterman operates exclusively in Hawaii, with performance locations including Pearl City, Pearl Harbor, and surrounding areas within Oahu.