Layne Christensen Company (Nasdaq:LAYN) ("Layne" or the"Company")announced today that Costa Fortuna S.A., a wholly owned subsidiary of Layne which operates as part of the Geoconstruction division, received a contract to perform specialized foundation construction work, including driving steel pipe for a pier and nautical support (jack-up barge), in connection with the construction of a liquefied natural gas (LNG) terminal in Punto Sayago, Uruguay.
Work on the project is scheduled to commence in March 2014 and should be completed in approximately one year. The contract has an estimated value to Layne of approximately $20.7 million.
The construction of this LNG terminal is part of a larger endeavor by the government of Uruguay to position the country as a regional energy exporter.
Rene Robichaud, President and CEO of Layne, said, "We are honored to assist Uruguay as it advances towards this important national energy project. Costa Fortuna has successfully completed a wide range of projects in this industry, and we are confident in our ability to deliver results in a safe and environmentally sustainable manner."
Mr. Robichaud concluded, "We are also pleased with the improving outlook at our Geoconstruction division, which, over the last four months, has announced over $100 million of new contracts in the United States and Uruguay."
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.
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