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NV5 Awarded $8 Million in LNG Utility Projects to Begin Immediately

HOLLYWOOD, Fla., March 25, 2020 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of professional and technical engineering and consulting solutions, announced today that it has been awarded two new contracts valued at $8 million for liquefied natural gas (LNG) projects by two prominent Eastern US natural gas utilities.  Energy utilities are considered critical infrastructure by the United States Department of Homeland Security, and these projects have already commenced.

NV5 was awarded a $6 million EPC (Engineering Procurement Construction) contract for an LNG facility vaporization system expansion. This expansion will increase production capacity and improve reliability by adding redundancy.  Design has begun on the new system, and the project is expected to be completed later this year.

NV5 was also awarded a $2 million EPCM (Engineering Procurement Construction Management) contract for the second phase of an LNG facility boil-off compressor project.  Design work on phase 2 will start immediately so that field construction can follow the completion of phase 1, which is currently being performed by NV5, and allow the project to be completed by the end of the year.

“Many of the projects that we design and support are considered critical infrastructure by the Department of Homeland Security guidelines related to essential services, including energy, transportation, water, and wastewater projects,” said Dickerson Wright, PE, Chairman and CEO of NV5.  “The safety of our employees is our top priority, and while most of our engineers are working remotely, we have implemented social distancing and hygiene practices to protect our field and shop personnel.”

“These projects represent the continuation of very successful, collaborative client relationships and are a testament to NV5’s extensive experience and expertise in the design and construction of LNG systems for our utility clients,” said Peter Dirksen, PE, President of CHI Engineering Services, an NV5 company.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions ranked #34 in the Engineering News-Record Top 500 Design Firms list. NV5 serves 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, and delivers geospatial services through its subsidiary Quantum Spatial, Inc., the largest full-service geospatial solutions provider in North America. The Company operates out of more than 100 locations worldwide. 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.

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Source: NV5 Global, Inc.