The sale of the unit, which provides provides hydrocarbon storage caverns, oil and gas support facilities such as power and hydroelectric work and federal energy projects, follows that of Plants & Paving last year, allowing Lane to create value from a financial perspective while shifting its focus to the construction of large, complex infrastructure projects.
Lane is pursuing contracts in water and sustainable mobility across the country, the biggest single market by revenue for the Group. It is also expanding its traditional business of road and highway construction in states such as Virginia, Florida, North Caroline and California. Recent contracts include the I-10 Corridor Express Lanes in California, the 1-440/US 1 in North Carolina and a section of the Wekiva Parkway in Florida.
In the water sector, the Group recently won a $255-million contract to build a water storage tunnel to help reduce polluted overflows into the Lake Washington Ship Canal in the state of Washington.
In Texas, Lane and Salini Impregilo are conducting the early works on a project to build a high-speed railway in Texas, the first in the country. The civil infrastructure work is valued at $14 billion out of the project’s estimated $20 billion.