NV5 Awarded $16 Million in North Carolina Department of Transportation Contracts

Rhea-AI Summary

NV5 Global (NASDAQ: NVEE) has secured three transportation contracts totaling $16 million from the North Carolina Department of Transportation. These contracts will span two years, providing engineering design, surveying, and testing services for critical infrastructure such as bridges and roadways. The largest contract, valued at $10 million, focuses on location surveys and engineering services, while the other contracts involve planning and design support. NV5 aims to assist NCDOT in addressing the growing demands of North Carolina's population.

Positive

• Awarded three contracts totaling $16 million, enhancing revenue prospects.
• Contracts include engineering design, surveying, and testing services, indicating strong service demand.
• Established 27-year relationship with NCDOT, showcasing trust and reliability.

Negative

• None.

HOLLYWOOD, Fla., Oct. 22, 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 three transportation infrastructure contracts by the North Carolina Department of Transportation (NCDOT) totaling $16 million. Under these contracts, NV5 will provide engineering design, surveying, plan review, and testing and inspection services to support bridges, roadways, and other transportation assets across North Carolina on an as-needed basis over the next two years.

“Sustained investment in critical infrastructure is particularly important in states like North Carolina where population growth creates increasing demands on water, power, communications, and transportation resources,” said Dickerson Wright, PE, Chairman and CEO of NV5. “NV5’s focus on infrastructure design and compliance makes us uniquely qualified to help states and local jurisdictions meet the needs of their communities, and we are proud to help NCDOT support the growing number of residents and businesses that call North Carolina home.”

Within the scope of the $10 million Location and Surveys and General Engineering Services Consultant contract, NV5 will provide GPS, high density laser scanning, route location surveys, and subsurface utility engineering services and will serve in a support and advisory role to the NCDOT Location and Surveys Unit. As part of the $4 million Planning and Design Engineering and General Engineering Services Consultant contract, NV5 will support NCDOT’s Project Management Unit in the development and delivery of centrally-managed projects, review of project plans and technical reports, and provide review of other third-party firm deliverables. Finally, NV5 will provide engineering services for basic and complex highway structures and bridge replacement planning and design projects under the $2 million Structures Management contract.  

“These awards are the result of NV5’s 27-year partnership with the North Carolina Department of Transportation, and we are pleased to continue delivering exceptional engineering and technical expertise to support NCDOT,” said Jay Bissett, PE, NV5’s Southeast Regional Director of Transportation.

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 are the details of the contracts NV5 received from the North Carolina Department of Transportation?

NV5 has been awarded three contracts totaling $16 million for engineering design, surveying, and testing services over two years.

How will the contracts benefit NV5 Global and its stock performance?

The contracts will enhance NV5's revenue and reflect strong demand for its services in the infrastructure sector, potentially positively impacting stock performance.

What is the significance of NV5's partnership with the North Carolina Department of Transportation?

The 27-year partnership highlights NV5's reliability and expertise in infrastructure projects, supporting ongoing business opportunities.

What types of services will NV5 provide under the new contracts?

NV5 will provide engineering design, surveying, plan review, and testing and inspection services for transportation infrastructure.