HOLLYWOOD, Fla., Feb. 10, 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 a $34 million engineering, procurement, and construction (EPC) contract by a prominent Eastern US natural gas company for a liquefied natural gas (LNG) facility liquefaction system upgrade. Design has begun on the new facility, and the project is expected to be completed in approximately 18 months.
Liquefaction systems are used in the natural gas industry to convert natural gas from a vapor phase to a liquid phase, allowing for more efficient storage and transportation. The new liquefier will replace an older system to increase capacity and improve reliability, safety, and ease of operation.
"The demand for new LNG facilities and upgrades to existing systems continues to grow. NV5 is well positioned in this regard as demonstrated by high organic growth in the LNG sector," said Dickerson Wright, PE, Chairman and CEO of NV5.
"This project is win-win for both NV5 and our client and leverages both our experience on a similar past project and a healthy, collaborative relationship," said Peter Dirksen, President of NV5's LNG Group. "This project award strengthens our client relationship and builds upon our 40-year history in the LNG industry."
About NV5NV5 Global, Inc. (NVEE) - Get Report 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 StatementsThis 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 CochranVice President, Marketing & Investor RelationsTel: +1-954-637-8048Email: firstname.lastname@example.org
Source: NV5 Global, Inc.