Benzinga | Sep 21, 2021 01:11PM EDT

Stantec Bags Architect-Engineer Services Contract From USAID

* Stantec Inc. (NYSE:STN) has been selected by the United States Agency for International Development (USAID) to provide global architect-engineer (A/E) services through a five-year, $800 million multiple-award task order contract.

* Services under the contract include planning, design, rehabilitation, and construction supervision to develop schools, health facilities, energy, water, sanitation, agriculture, and transportation-related infrastructure.

* Stantec's International Development team, based in Washington D.C., will oversee the contract and management of the subsequent task orders.

* Stantec expects revenue and backlog from this contract to be recognized over the five-year term.

* Price Action: STN shares are trading lower by 0.28% at $49.09 on the last check Tuesday.