NV5 Awarded Over $60 Million LNG Utility Upgrade

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced the award of a contract exceeding $60 million for upgrading a liquefied natural gas (LNG) facility. The project aims to enhance safety, reliability, and capacity of the facility over a three-year timeline, expected to finish in 2025. Engineering design is currently in progress to improve liquefaction capacity, benefiting natural gas storage during peak demand. CEO Dickerson Wright emphasized the firm's capability in supporting LNG system demands, continuing its long-standing service in the natural gas sector since 1978.

Positive

• Awarded a contract worth over $60 million for LNG facility upgrades.
• Project expected to improve safety, reliability, and capacity of LNG systems.
• Strong position in the market as a leading designer of LNG systems.

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• None.

HOLLYWOOD, Nov. 01, 2022 (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 a contract valued at over $60 million by a prominent Eastern US utility to provide engineering, procurement, and installation of a liquefied natural gas (LNG) facility upgrade. The project involves the replacement and upgrade of existing LNG process systems to improve the safety, reliability, and overall capabilities of the facility.

The three-year project is expected to be completed in 2025, and engineering design of the new process systems is underway. The renovation will also increase the system’s liquefication capacity to assist in natural gas storage and availability during times of peak demand.

“The investments being made by our domestic natural gas utility clients demonstrates their continued commitment to providing efficient and reliable supply of natural gas to their customers,” said Dickerson Wright, PE, Chairman and CEO of NV5. “As a leading designer of liquefication systems for utilities, NV5 is well-positioned to support the growing demand for new and retrofitted LNG systems.”

“The NV5 LNG and Natural Gas group has been providing consulting, engineering, procurement, and installation services to the natural gas industry since 1978, making it uniquely qualified to execute these projects for our clients,” said Peter Dirksen, PE, President of NV5 LNG Services.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company’s services include multiple verticals such as testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. 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 LinkedIn, Twitter, Facebook, and Instagram.

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 

FAQ

What is NVEE's recent contract announcement about?

NVEE announced a contract over $60 million for upgrading an LNG facility, focusing on improving safety and capacity.

When is the LNG facility upgrade project expected to be completed?

The LNG facility upgrade project is expected to be completed in 2025.

What are the benefits of the LNG facility upgrade for NVEE?

The upgrade will enhance safety, reliability, and liquefaction capacity, supporting natural gas availability during peak demand.

How long has NV5 been in the natural gas industry?

NV5 has been providing services to the natural gas industry since 1978.