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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."