NV5 Awarded $50 Million REI Inspection Contract in New York City

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) announced a $50 million term agreement with the New York City Department of Design and Construction (NYCDDC) for resident engineering inspection services across NYC's five boroughs. This contract represents NV5's second consecutive agreement with NYCDDC and spans three years, with an option for a one-year extension. The company has established a strong reputation in New York for its engineering services. NV5 aims to enhance infrastructure for the city's residents and businesses, reflecting a commitment to quality and timely project delivery.

Positive

• Awarded a $50 million term agreement with NYCDDC for engineering inspection services.
• Second consecutive contract with NYCDDC, indicating strong client trust.
• Focus on infrastructure improvements that may enhance long-term revenue.

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• None.

HOLLYWOOD, Fla., April 26, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, and engineering solutions, announced today that it has been awarded a $50 million term agreement with the New York City Department of Design and Construction (NYCDDC) to provide resident engineering inspection (REI) services throughout the five boroughs of New York City.

“NV5’s years of experience delivering engineering design, inspection, environmental, and consulting services throughout New York City have built our reputation as experts in the City’s unique infrastructure and building codes,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are proud to contribute to infrastructure maintenance and improvements that support New York City’s residents, visitors, and business community.”

This award is NV5’s second consecutive term agreement with NYCDDC to perform REI services, among numerous other on-call and standalone agreements with the agency to provide a wide range of professional engineering and environmental services. This contract is assigned under the large project category and has a maximum value of $50 million over an initial span of three years, with a one-year extension option. Individual project assignments may include resident engineering and construction inspection for infrastructure improvements, such as the rehabilitation and reconstruction of roadways, sidewalks, pedestrian ramps, step streets, plazas, and water mains.

Liam Madden, NV5’s Director of Construction Services and Utilities in New York City, said, “Our longstanding relationship with the New York City Department of Design and Construction is maintained by our knowledgeable and professional staff who work to prioritize communication and deliver each project on time and within budget. This award demonstrates the agency’s continued trust in our work and our people.”

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a 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 is the recent contract value awarded to NVEE by NYCDDC?

NVEE was awarded a contract valued at $50 million by the New York City Department of Design and Construction.

How long is the term agreement NVEE has with NYCDDC?

The term agreement has an initial duration of three years, with an option for a one-year extension.

What services will NVEE provide under the NYCDDC agreement?

NVEE will provide resident engineering inspection services for various infrastructure improvements.

Is this the first agreement NVEE has with NYCDDC?

No, this is NVEE's second consecutive term agreement with the New York City Department of Design and Construction.

What does NVEE specialize in?

NVEE specializes in compliance, technology, and engineering consulting solutions for public and private sector clients.