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.
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