Layne Christensen's Geoconstruction Division Awarded New Contracts Totaling Approximately $50 Million
March 25 2014 - 4:05PM
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.
CONTACT: Layne Christensen Company
Jim Easter
Chief Financial Officer
281-475-2694
jim.easter@layne.com
Jenny Caulk
Director of Communications
281-475-2621
jenny.caulk@layne.com
The Equity Group Inc.
Devin Sullivan
Sr. Vice President
212-836-9608
dsullivan@equityny.com
Thomas Mei
Associate
212-836-9614
tmei@equityny.com
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