THE WOODLANDS, Texas, March 25, 2014 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) ("Layne" or the "Company") announced today that Bencor Corporation of America, a wholly-owned subsidiary of Layne which operates as part of the Geoconstruction division, has received three separate contracts with an aggregate value of approximately $50 million.
The respective contracts are as follows:
Kaneohe-Kailua Sewer Tunnel Project, City and County of Honolulu, Hawaii
Layne will construct ground treatment by utilizing the jet grouting technique, and construct two deep shafts utilizing the structural diaphragm (slurry) walls technique. This project combines the resources and expertise of Layne's small diameter business line, part of the Geoconstruction division, and Bencor's slurry wall expertise. Work on the project is scheduled to commence in March 2014 and should be completed by December 2014.
Northgate Link Extension, Sound Transit Seattle Tunnel and Subway Station in Seattle, WA
Layne will build structural diaphragm (slurry) walls in connection with the construction of a subway station located in the Roosevelt neighborhood of Seattle, part of the $2.1 billion Northgate Link Extension that will lengthen the subway line by 4.3 miles. Work on the project has already commenced and should be completed by July 2014.
Blue Plains Advanced Waste Water Treatment Tunnel Project in Washington, D.C
For this project, Layne will construct six deep circular shafts utilizing structural diaphragm (slurry) walls that are designed to act as tunnel boring machine (TBM) launching shafts. Work on the project is scheduled to commence in March 2014 and should be completed by January.
Rene Robichaud, President and CEO of Layne, said, "Layne's Geoconstruction division is well-suited to handle the size, scope, and complex nature of these projects, each of which will have a profound and positive impact in their respective communities."
Mr. Robichaud concluded, "In the last five months, Layne's Geoconstruction division has announced new contracts with an aggregate value of approximately $150 million. We remain confident about the positive outlook and improving performance for this business in 2014."
Layne Christensen Company
Layne is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources — water, mineral and energy. We offer innovative, sustainable products and services with an enduring commitment to safety, excellence, and integrity.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Such statements may include, but are not limited to, statements of plans and objectives, statements of future economic performance and statements of assumptions underlying such statements, and statements of management's intentions, hopes, beliefs, expectations or predictions of the future. Forward-looking statements can often be identified by the use of forward-looking terminology, such as "should," "intended," "continue," "believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate" and similar words or phrases. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including but not limited to: the outcome of the ongoing internal investigation into, among other things, the legality, under the FCPA and local laws, of certain payments to agents and other third parties interacting with government officials in certain countries in Africa relating to the payment of taxes and the importing of equipment (including any government enforcement action which could arise out of the matters under review or that the matters under review may have resulted in a higher dollar amount of payments or may have a greater financial or business impact than management currently anticipates), prevailing prices for various commodities, unanticipated slowdowns in the Company's major markets, the availability of credit, the risks and uncertainties normally incident to the construction industry, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, worldwide economic and political conditions and foreign currency fluctuations that may affect worldwide results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those anticipated, estimated or projected. These forward-looking statements are made as of the date of this filing, and the Company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.