NV5 Awarded $16 Million in California Utility Gas Pipeline Design and Support

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) announced it has secured $16 million in utility gas pipeline design and support services contracts with two major California gas utilities. The company will provide engineering design, permitting support, and municipal consulting services aimed at enhancing asset integrity management and pipeline safety.

One contract, valued at $9 million, focuses on gas transmission design and pipeline support services for system integrity management. The second contract, totaling $7 million, involves municipal consulting and emergency services related to gas repairs. These projects reflect NV5's expertise in managing complex infrastructure requirements amidst stringent safety regulations.

Positive

• Secured $16 million in contracts for gas pipeline design and support services.
• Specific contracts include $9 million for gas transmission design and $7 million for municipal consulting.
• Strengthens NV5's position in the utility services market.

Negative

• None.

HOLLYWOOD, Fla., April 25, 2023 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has been awarded $16 million in utility gas pipeline design and support services contracts by two prominent California gas utilities. NV5 will provide engineering design, plan review, permitting support, and municipal consulting services for asset integrity management and pipeline improvements to support the safe and reliable delivery of natural gas as follows.

A large California gas utility selected NV5 for $9 million in contracts to provide gas transmission design and pipeline support services for system integrity management and capital replacement projects. Under the scope of these agreements, NV5 will deliver engineering design, project management, construction management, traffic control, and permitting services to support the utility’s safety enhancement programs.

NV5 was also awarded $7 million in design, municipal consulting, and emergency services contracts by a major California gas and electrical utility. NV5 will review proposed municipal and state government infrastructure designs to identify potential conflicts with utility assets and support negotiations to mitigate risks to existing and proposed infrastructure.   NV5 will also provide support services for emergency gas repairs to comply with municipal excavation permit requirements.

“Critical infrastructure to support transportation, water, communication, and energy distribution forms an intricate system of underground and above-ground assets and facilities with multiple owners, stringent safety and reliability obligations, and complex permitting requirements,” said Dickerson Wright, PE, Chairman and CEO of NV5. “NV5’s expertise supporting all facets of infrastructure for utilities, state governments, and municipal clients mitigates costly delays in infrastructure improvements and maintenance, while delivering a distinct competitive advantage for NV5’s pursuit of infrastructure projects.”

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: utility services, infrastructure engineering, testing, inspection & consulting, buildings & owner representation, 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 recent contracts did NV5 Global, Inc. (NVEE) secure?

NV5 Global, Inc. secured $16 million in contracts for utility gas pipeline design and support services.

How much is the contract awarded to NV5 by California gas utilities?

The total contract amount awarded to NV5 is $16 million.

What services will NV5 provide under the new contracts?

NV5 will provide engineering design, permitting support, and municipal consulting services.

Which states are involved in NV5's recent contract announcements?

The recent contracts are with major utility companies in California.

What is the significance of the $16 million contracts for NVEE's business?

The contracts enhance NV5's position in the utility services sector and support safety in gas delivery.