Tetra Tech Receives EMAC Award
Tetra Tech Inc.’s (NASDAQ:TTEK) subsidiary received a Environmental Multiple Award Contract (EMAC) to provide environmental remediation services at U.S. Navy, Marine Corps, and other Department of Defense locations, mainly in California and the southwestern United States. This is a $200 million contract awarded to four firms, Tetra Tech being one of them. The contract is an add-on to the company’s backlog.
The Naval Facilities Engineering Command (NAVFAC) of Southwest and Atlantic areas are supported by the EMAC and includes the U.S. trust territories of Puerto Rico and Guam. The main aim of EMAC is to restore the sites, which have been contaminated.
Remedial actions, removal actions, and remedial design; operation and maintenance services; pilot and treatability studies; and other actions required for the restoration work are among the task of Tetra Tech EC. The contract is for a period of one year and has the option to be extended four times by one year. This is a indefinite delivery/indefinite quantity contract and is of a firm-fixed-price nature.
Tetra Tech Inc. is a leading provider of consulting, engineering, program management, construction and technical services focusing on resource management and infrastructure. It serves clients by providing cost-effective and innovative solutions to fundamental needs for water, environmental and alternative energy services. Major competitors of Tetra Tech are Arcadis NV, Shaw Group Inc. (SHAW) and URS Corporation (NYSE:URS).
We currently maintain our Neutral rating on Tetra Tech Inc. with a Zacks #2 Rank (short-term Buy recommendation) over the next one-to-three months.