THE WOODLANDS, Texas, Sept. 18, 2013 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) ("Layne") today announced that its Geoconstruction Division received a contract to provide specialized foundation work in connection with the construction of Transbay Tower in San Francisco.
The contract has an estimated value to Layne of approximately $19 million. Work on the project is expected to commence in October 2013 and last approximately 6 months.
Transbay Tower is a 1.3 million square-foot, 61-story skyscraper that will become the centerpiece of a 145-acre, multi-purpose development in downtown San Francisco. The tower, which will be built adjacent to the Transbay Transit Center, is slated to become the tallest building on the West Coast, rising to a height of 1,070 feet.Layne's Geoconstruction Division will install the building foundation system by the use of LBE (load bearing elements). Seated approximately 245 feet deep, these LBE are designed to support vertical loads from the building framing system and transfer them to the foundation. Rene Robichaud, Chief Executive Officer of Layne, said, "Layne's selection as a contractor for this landmark project is a recognition of our world-class ability to offer specialty foundation construction services in a safe and sustainable manner. We are excited to be a part of a project that will help transform San Francisco's skyline and form the new heart of a revitalized neighborhood." 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 www.layne.com Jenny Caulk Director of Communications 281-475-2621 email@example.com The Equity Group Inc. Devin Sullivan Sr. Vice President 212-836-9608 firstname.lastname@example.org Thomas Mei Associate 212-836-9614 email@example.com
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