GSE Systems, Inc. (NASDAQ: GVP) stock witnessed a remarkable surge of 21.95% during the afterhours trading on Monday, reaching $4.00. Earlier in the regular session, GSE Systems stock had experienced a decline of 6.02%, closing at $3.28 per share. This substantial upswing in GVP’s stock value was instigated by the acquisition of a multimillion-dollar contract by the company.
On Monday, GSE Systems (GVP) unveiled a lucrative contract worth $4.2 million secured from a prominent utility provider. The contract’s primary objective is to deliver engineering change packages (FDAs) for the replacement of motor control center (MCC) buckets within a nuclear power plant located in Texas.
As nuclear power plants mature and undergo revitalization efforts, it becomes imperative for utility providers to collaborate with a seasoned partner possessing a track record of reliable engineering modifications. The execution of this contract will be overseen by the adept GSE Engineering, Design & Analysis team, headquartered in Fort Worth, Texas.
This select team exhibits exceptional proficiency in the domains of electrical and instrumentation control (I&C) engineering, prioritizing safety and efficacy, all underscored by years of experience and a commendable history of collaboration with the utility. This comprehensive contract encompasses the assessment of MCC bucket suppliers, rigorous MCC testing prerequisites, and the installation of approximately 190 new buckets.
The project is scheduled to unfold over the course of four years, serving the dual purpose of safeguarding the power plant against obsolescence-induced failures and mitigating the risk of unplanned power outages or generation capacity losses.
This prestigious contract award stands as a testament to GVP’s unwavering dedication to excellence, its enduring commitment to the nuclear industry, and the value that discerning customers place on its team and Quality Assurance Program. Notably, GSE Systems has also recently garnered contracts exceeding $0.5 million, focusing on delivering Engineering Program updates for two prominent nuclear power customers in the United States and the United Kingdom.
The majority of the proceeds from these contracts will be allocated to enhancing the ASME Code Program, particularly for the largest producer of zero-carbon electricity in Britain. Over the past several years, GSE’s Engineering, Programs & Performance division has consistently secured engineering program contracts around the globe, aligning with the company’s strategic global expansion initiatives.
