NV5 Awarded $5 Million NOAA Contract for Lake Michigan Geospatial Hydrographic Survey

Rhea-AI Summary

NV5 Global has secured a $5 million contract from NOAA to conduct a comprehensive hydrographic survey in Lake Michigan. The project covers a 450 square nautical mile zone from Northeast Chicago, IL to Michigan City, IN, a important route for maritime traffic and entry to the Mississippi River.

The survey aims to provide updated data for National Ocean Service nautical charts, enhancing maritime safety and supporting water resource management. This contract aligns with NV5's strategic expansion of its geospatial marine surveying business into new geographies.

Dickerson Wright, Executive Chairman of NV5, emphasized the company's specialized expertise in hydrographic surveying and nautical charting as key factors in securing this project, which will contribute to both commercial and recreational maritime safety efforts.

HOLLYWOOD, Fla., July 23, 2024 (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 $5 million contract by the National Oceanic and Atmospheric Administration (NOAA) Office of Coast Survey to conduct a comprehensive hydrographic survey in Lake Michigan.

"NV5’s geospatial marine surveying business continues its strategic expansion into new geographies to support water resource management, maritime safety, and updated navigational information,” said Dickerson Wright, PE, Executive Chairman of NV5. "NV5’s specialized expertise in hydrographic surveying and nautical charting makes us uniquely qualified to support commercial and recreational maritime safety efforts by providing essential data for updated National Ocean Service (NOS) nautical charts.”

The project scope includes Southern Lake Michigan from Northeast Chicago, IL to Michigan City, IN, a crucial route for maritime traffic and a major entry point to the Mississippi River. The project will provide survey and mapping information for a 450 square nautical mile zone to develop updated navigational charts and support safer marine operations in the area.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: Utility services, infrastructure engineering, construction quality assurance, buildings & technology, environmental health sciences, and geospatial services. NV5 operates out of more than 100 offices nationwide and internationally. 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

FAQ

What is the value of the NOAA contract awarded to NV5 Global (NVEE) for the Lake Michigan survey?

NV5 Global (NVEE) has been awarded a $5 million contract by NOAA for the Lake Michigan hydrographic survey.

What area will NV5's Lake Michigan hydrographic survey cover?

The survey will cover a 450 square nautical mile zone in Southern Lake Michigan, from Northeast Chicago, IL to Michigan City, IN.

What is the purpose of NV5's hydrographic survey in Lake Michigan?

The purpose is to provide updated survey and mapping information for developing new National Ocean Service nautical charts and improving maritime safety in the area.

When was the NV5 Global (NVEE) contract for the Lake Michigan survey announced?

NV5 Global (NVEE) announced the $5 million NOAA contract for the Lake Michigan hydrographic survey on July 23, 2024.

How does the Lake Michigan survey contract align with NV5's business strategy?

The contract aligns with NV5's strategic expansion of its geospatial marine surveying business into new geographies to support water resource management and maritime safety.