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THE WOODLANDS, Texas, Oct. 22, 2013 (GLOBE NEWSWIRE) --
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 foundation construction services for a combined-cycle gas power plant in Punta del Tigre, Uruguay. The contract was awarded by Hyundai Engineering Construction Co. Ltd., part of a consortium of companies working on the project.
Work on the project, known as Central Punta del Tigre B, is scheduled to commence in Layne's fiscal fourth quarter ending January 31, 2014 and should be completed in approximately 5 months. The contract has an estimated value to Layne of approximately $6.5 million.
Central Punta del Tigre B, the first combined-cycle gas power plant in Uruguay, will include two gas turbines and one steam unit with a capacity of 520 MW. At present, the majority of Uruguay's power is hydroelectric, which makes the system vulnerable during periods of drought. Central Punta del Tigre B is being built to modernize the country's energy infrastructure and address these vulnerabilities.
Rene Robichaud, President and CEO of Layne, said, "This new facility will help diversify Uruguay's energy mix in an environmentally sustainable manner, while allowing the country's energy infrastructure to keep pace with its economic growth."
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.
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.
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