Engineering and construction company, Jacobs Engineering Group Inc.’s (JEC - Free Report) joint venture (JV) with HDR received a contract from Naval Facilities Engineering Command (NAVFAC) Atlantic. The contract requires the JV to provide architecture and engineering services to NAVFAC’s worldwide locations. The Indefinite Delivery/Indefinite Quantity (IDIQ) contract spans five years with a maximum order limit of $60 million.
Per the contract, the JV will support the U.S. Navy and other Department of Defense facilities and infrastructure for its Sustainment, Restoration and Modernization Program. The scope of the contract spans from the U.S. to the Caribbean, Europe, Africa, Western Asia and multiple other geographies. Jacobs expects to leverage the JV’s experience and expertise in the execution of the contract.
This is not the first association between the two parties. In Nov 2013, Jacobs received a contract from Naval Facilities Engineering Command Mid-Atlantic (NAVFAC MIDLANT) to provide commissioning design and engineering services. The IDIQ contract spanned three years and was valued at a maximum of $30 million.
Jacobs caters to an array of sectors like oil and gas, petrochemical, mining, IT services and power through joint ventures and contract wins. The company presently has a significant share in the huge global infrastructure market, which is expected to grow further in the coming quarters.
California-based Jacobs is one of the leading providers of professional, technical and construction services to industrial, commercial and governmental clients. The company provides its services through more than 200 offices and subsidiaries located principally in North America, Europe, Asia and Australia.
With a market capitalization of $8.3 billion, Jacobs currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Quanta Services, Inc. (PWR - Free Report) , Willdan Group, Inc. (WLDN - Free Report) and VSE Corp. . All these stocks have a Zacks Rank #2 (Buy).
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