Layne Christensen sold all of the exploration and production assets of its Energy Division to LR Energy, a portfolio company of Longroad Capital Partners III, for $15 million, the company announced Oct. 1.

"This transaction reflects our strategy to transform Layne into a leading sustainable solutions provider to the world of essential natural resources-water, mineral and energy,” said Rene Robichaud, chief executive officer of Layne Christensen.

Robichaud said although Layne Christensen is exiting the energy production business, they intend to be in the oil and gas services business for the foreseeable future, seeing a significant opportunity to build a total water management solutions business under the Layne Energy Services banner. The goal is to sustainably address the critical water issues challenging the E&P industry, Robichaud said.

“We plan to develop this business into a $200 million revenue enterprise over the next three to five years," Robichaud said.