NV5 Awarded $13 Million in North Carolina Department of Transportation Contracts

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured $13 million in contracts from the North Carolina Department of Transportation (NCDOT) for inspection services and feasibility studies, each lasting two years. The contracts include a $10 million Construction Engineering and Inspection contract and a $3 million Feasibility Studies contract. NV5 has partnered with NCDOT for over 25 years, and these new contracts enhance its role in supporting public infrastructure projects in North Carolina.

Positive

• Awarded $13 million in contracts by NCDOT.
• Contracts include $10 million for Construction Engineering and Inspection and $3 million for Feasibility Studies.
• Strong relationship with NCDOT, evidenced by long-term partnership.

Negative

• None.

HOLLYWOOD, Fla., Dec. 14, 2020 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, and engineering consulting solutions, announced today that it has been awarded $13 million in contracts by the North Carolina Department of Transportation (NCDOT) to provide inspection services and feasibility studies. Both contracts have a two-year duration and will support NCDOT transportation projects throughout the state.  

“NV5 has supported NCDOT in meeting the transportation needs of North Carolina’s rapidly growing population for more than 25 years,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are pleased to be awarded these new contracts, evidencing NCDOT’s confidence in our relationship.”

Within the scope of the $10 million Construction Engineering and Inspection contract, NV5’s engineers and technicians will perform construction contract administration, inspection, materials sampling, materials testing, documentation, and claims avoidance for various NCDOT projects.   Under the $3 million Feasibility Studies contract, NV5 will provide express design evaluation, project scoping reports, and feasibility studies that serve as the initial step in the planning and design process for NCDOT transportation projects.

“We have served as a long-term, trusted consultant on transportation projects throughout North Carolina, and these awards are validation of the added value we provide in our support of NCDOT,” said Jill Heath, LEED AP, Executive Vice President at NV5.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a leading provider of compliance, technology, and engineering consulting solutions for public and private sector clients supporting infrastructure, utility, and building assets and systems. The Company primarily focuses on six business verticals: testing, inspection & consulting, infrastructure support services, utility services, buildings & program management, environmental health sciences, and geospatial technology services. NV5 operates out of more than 100 offices nationwide and abroad. 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 contracts did NV5 Global secure from NCDOT?

NV5 Global secured $13 million in contracts from NCDOT, which include a $10 million contract for Construction Engineering and Inspection and a $3 million contract for Feasibility Studies.

What is the duration of the NCDOT contracts awarded to NV5?

Both contracts awarded to NV5 have a duration of two years.

How long has NV5 Global been working with NCDOT?

NV5 has been supporting NCDOT for over 25 years.

What services will NV5 provide under the NCDOT contracts?

NV5 will provide inspection services, construction contract administration, materials testing, and feasibility studies for NCDOT projects.