Mammoth Energy Services, Inc. (NASDAQ: TUSK) disclosed that its fully-owned division Aquawolf, LLC has received a contract from a major utility to deliver engineering and design services. The contract is worth $40 million, and the duration of the contract is three years.
The unit of Mammoth was established in 2019 and is now offering various engineering services. Aquawolf has gained a reputation for its offerings such as Power system studies, Third-party attachments, Natural Gas, Electrical transmission and distribution services, Owners Management, and Project Management services, and Generation and renewables services.
Shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) soared 16.78% as it gained +0.74 during the trading session of Wednesday. TUSK has a trading volume of 238.54K in the last trading session. In the past 52-week low and high range, its share has changed between the low range of $0.56 and a high range of $15.45. Mammoth Energy Services, Inc has a total market capitalization of $229.84 million at the time of writing.
CEO of Mammoth commented: “The commencement of this contract is substantial for Aquawolf as it is anticipated to allow for substantial growth of both engineers engaged and scope of the projects managed. When combined with the additional infrastructure businesses, this deal moves Mammoth one step closer to being a completely integrated Engineering, Procurement, and Construction “EPC” firm.”