NV5 Awarded $12 Million Program Management Contract by Caltrans

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) has secured a $12 million contract from the California Department of Transportation for construction management services in various counties. This 36-month project includes on-call construction inspection, engineering, claims resolution, and support services. NV5 has a longstanding collaboration with Caltrans, having provided similar services across 49 counties since 2003. The contract aims to enhance transportation infrastructure's safety and reliability, showcasing NV5's growth in handling complex projects.

Positive

• Secured a $12 million contract from the California Department of Transportation.
• Longstanding partnership with Caltrans, having operated in 10 of the 12 districts since 2003.
• Expansion of project size and complexity demonstrates NV5's capabilities in handling intricate infrastructure tasks.

Negative

• None.

HOLLYWOOD, Fla., June 29, 2020 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of professional and technical engineering, geospatial, and consulting solutions, announced today that it has been awarded a $12 million contract by the California Department of Transportation – District 6 to provide construction management not at risk services, including on-call construction inspection, office engineering, claims resolution, and constructability support services for transportation facilities throughout Kern, Tulare, Kings, Fresno, and Madera Counties.  Work has already begun on the contract, which has a duration of 36 months. 

Since 2003, NV5 has been selected to provide construction engineering and inspection services in 10 of Caltrans’ 12 Districts to support transportation projects in 49 of California’s 58 counties. 

“We are pleased to have been selected to perform construction inspection and management services on Caltrans projects that will impact the critical transportation infrastructure in the District 6 service area,” said Dickerson Wright, PE, Chairman and CEO of NV5.  “Improvements to transportation safety, reliability, and sustainability are essential during both good and bad economic cycles, and we are proud of the longstanding partnership that we have built with Caltrans.”

“NV5’s Caltrans projects have grown in both size and complexity since our first project in 2003, and we appreciate the opportunity to deliver inspection and construction management services throughout the District 6 service area,” said Todd George, PE, COO Infrastructure West at NV5. 

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering, geospatial, and consulting solutions ranked #27 in the Engineering News-Record Top 500 Design Firms list. NV5 serves public and private sector clients in the infrastructure, utility services, construction, real estate, and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure engineering and support services, utility services, program management, and environmental solutions, and delivers geospatial services through its subsidiary Quantum Spatial, Inc., the largest full-service geospatial solutions provider in North America. The Company operates out of more than 100 locations worldwide. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact

NV5 Global, Inc.                                           
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.

FAQ

What is the recent contract awarded to NV5 Global, Inc.?

NV5 Global was awarded a $12 million contract by the California Department of Transportation for construction management services.

How long will the NV5 contract with Caltrans last?

The contract has a duration of 36 months.

Which counties will NV5 serve under the new contract?

NV5 will provide services in Kern, Tulare, Kings, Fresno, and Madera Counties.

What services will NV5 provide in the contract with Caltrans?

The services include on-call construction inspection, office engineering, claims resolution, and constructability support.

How has NV5 performed in the past with Caltrans projects?

Since 2003, NV5 has been selected for construction engineering and inspection services in 49 of California's 58 counties.