Source: Streetwise Reports 06/01/2021
Shares of Orbital Energy Group Inc. traded 115% higher after the company reported its subsidiary Gibson Technical Services secured a contract to provide approximately 700 miles of turnkey engineering and construction services across Central Mississippi.
Diversified energy infrastructure services platform company Orbital Energy Group Inc. (OEG:NASDAQ) today announced that “its recently acquired subsidiary, Gibson Technical Services, has been awarded a project for approximately 700-miles of engineering and construction turnkey services across Central Mississippi to be completed over the next four years for TEC of Jackson Inc. d/b/a TEC.”
The firm advised that Gibson Technical Services (GTS) had already commenced with the initial phase of project engineering in April 2021, which calls for construction to begin in June 2021. Orbital Energy noted that the project is being funded in a public/private partnership with funding from both TEC and the U.S. Government under the Rural Digital Opportunity Fund (RDOF) earmarked for rural fiber and broadband buildouts.
The company pointed out that the RDOF is the vehicle for distribution of the U.S. Federal Communication Commission’s (FCC) Connect America Fund (CAF). Orbital Energy explained that the CAF was established in order to provide up to $20.4 billion in funding for various projects over a 10-year period to support the expanded development broadband networks in underserved rural communities across the country. The company stated that the GTS-TEC project partnership in Central Mississippi represents one of the first RDOF rural builds to be built in the U.S.
GTS’s CEO Mike McCracken stated, “The award of this project from such a well-respected telecommunication service provider as TEC confirms GTS’s ability to deliver the highest quality engineering and construction services…We look forward to providing the world class service, dependability, engineering, and unique solutions that have become the hallmarks of GTS.”
Orbital Energy Group’s Vice-Chairman and CEO Jim O’Neil remarked, “The award of this milestone project from this caliber of customer is a testament to GTS, Mike, and his entire team, and their experience and capability to provide TEC with a full-service solution to complete this fiber buildout. The project further underscores GTS’s capabilities and the value created by our recent acquisition.”
The company’s V.P. of Strategic Operations Lisa Wigington added, “Having been a leader in the telecommunications industry for almost a century TEC is committed to providing its customers not just a reliable product, but superior service and outstanding support. This partnership with GTS continues that tradition and we look forward to the successful and timely completion of this exciting project.”
The report stated that TEC employs more than 200 people in Alabama, Georgia, Louisiana, Mississippi and Tennessee. TEC has invested in and maintains around 1,400 miles of fiber in rural markets and stated that it was one of the first enterprises to bring telecommunications services and internet options to many rural markets more than 20 years ago.
Orbital Energy Group is an energy services firm based in Houston, Tex., that is focused upon building a diversified energy infrastructure services platform. Orbital Energy Group’s holdings include Orbital Power Services, a provider of engineering, construction, maintenance and emergency response solutions to electric utilities, Orbital Solar Services, which offers engineering, procurement, and construction services to the renewable energy market, Orbital Telecom Services (GTS), which engineers and builds outside plant for broadband and wireless applications and Orbital Gas Systems which delivers gas solutions for the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement, and delivery systems.
Orbital Energy Group started the day with a market cap of around $185.4 million with approximately 52.22 million shares outstanding and a short interest of about 2.3%. OEG shares opened 60% higher today at $5.69 (+$2.14, +60.28%) over the prior trading day’s $3.55 closing price. The stock has traded today between $5.26 and $7.79 per share and closed for trading at $7.64 (+$4.09, +115.21%).
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