Design has begun on the new facility, and the project is expected to be completed in approximately 18 months
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.”
Source: Company Press Release