HOLLYWOOD, FL -- (Marketwired) -- 01/19/16 --
NV5 Global, Inc. (the "Company" or "NV5") (NASDAQ: NVEE), a provider of professional and technical engineering and consulting solutions, announced today that it was selected to provide Project and Construction Management Services for Construction Package 4 (CP 4). More specifically, NV5 will be providing construction management oversight and third party coordination services in addition to surveying, materials testing, and public outreach support services. To navigate the highly competitive bid process that preceded this contract win, NV5 entered a teaming agreement with HNTB Corporation as a sub consultant to share work at a 60/40 split. NV5 anticipates fees after the split and after small business sub-consultant requirements to be between $7 and $8 million.
The CP4 construction area is a 22-mile stretch within Tulare and Kern Counties, passing through the City of Wasco and ending near the City of Shafter. It is bounded by a point approximately one mile north of the Tulare/Kern County Line at the terminus of Construction Package 2-3 and Poplar Avenue to the south. CP 4 work will include construction of at-grade, retained fill and aerial sections of the high-speed rail alignment, relocation of four miles of existing Burlington Northern Santa Fe (BNSF) tracks, construction of waterway and wildlife crossings and roadway reconstructions, relocations and closures. This phase of construction received state and federal environmental clearances in 2014 and is estimated to cost $400 to $500 million, according to the California High Speed Rail Authority.
Dickerson Wright, PE, Chairman and CEO of NV5, said, "Winning the CP 4 Project and Construction Management Services contract from the California High Speed Rail Authority is a great achievement for us and a great demonstration of the strength of our Civil PM group in transportation in the Central Valley."
Todd George, PE, COO of Civil Program Management at NV5, added, "We are proud of this opportunity to fulfill such an important role in the delivery of one of the nation's highest profile Design Build Projects. I can think of no other team with a greater combination of talent, resources, and local expertise needed for this specific project."
About the California High Speed Rail Authority
The California High-Speed Rail Authority is responsible for planning, designing, building and operation of the first high-speed rail system in the nation. California high-speed rail will connect the mega-regions of the state, contribute to economic development and a cleaner environment, create jobs and preserve agricultural and protected lands. By 2029, the system will run from San Francisco to the Los Angeles basin in under three hours at speeds capable of over 200 miles per hour. The system will eventually extend to Sacramento and San Diego, totaling 800 miles with up to 24 stations. In addition, the Authority is working with regional partners to implement a state-wide rail modernization plan that will invest billions of dollars in local and regional rail lines to meet the state's 21st century transportation needs (Source: California High Speed Rail Authority).
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure, engineering and support services, energy, program management, and environmental solutions. The Company operates 42 offices in Arizona, California, Colorado, Connecticut, Florida, Massachusetts, Maryland, New Jersey, New Mexico, New York, Ohio, Pennsylvania, Utah, Washington and Wyoming, and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
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.
NV5 Global, Inc.
Lauren Wright, PhD
Director of Investor Relations
Source: NV5 Global, Inc.