Foster Wheeler Spanish Subsidiary Awarded Multiple HRSG Projects
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Spanish subsidiary Foster Wheeler Energia, S.A., part of its Global Power Group, has been awarded three contracts for heat recovery steam generators (HRSGs) in Portugal, Spain and the Netherlands.
An HRSG recovers heat from a hot gas stream and produces steam that can be used for processing, heating or the generation of electricity.
Foster Wheeler has received a full notice to proceed on all contracts. The terms of the awards were not disclosed, and the contracts have been included in the company’s bookings for the first and second quarter of 2008.
The Portuguese consortium, MECI-Somague, awarded Foster Wheeler a contract for the design and supply of two HRSGs to be coupled with General Electric’s LM-2500 combustion turbines in a cogeneration power plant that MECI-Somague will build at the Portucel Soporcel manufacturing complex in Setubal, Portugal. The HRSGs are scheduled for delivery during the fourth quarter of 2008.
The Spanish company, CEPSA, awarded Foster Wheeler a contract for the design, supply and erection of an HRSG and auxiliary equipment, which will be integrated in a cogeneration plant to be built at the La Rabida Refinery in Huelva, Spain. The HRSG will be coupled with a General Electric Fr6FA gas turbine. Commercial operation is scheduled for the first quarter of 2010.
The Spanish joint venture, Abener Inabensa Paises Bajos, S.A., awarded Foster Wheeler a contract for the design and supply of an HRSG and auxiliary equipment, as well as erection and commissioning advisory services. This HRSG will be integrated in a bio-ethanol plant to be built at the Rotterdam Europoort in the Netherlands. Delivery is scheduled for the second quarter of 2009.
Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The company is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.
Safe Harbor Statement
Foster Wheeler news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations regarding revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims, and the costs of current and future asbestos claims, and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in Part II, Item 1A “Risk Factors” of the Company’s most recent quarterly report on Form 10-Q and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: changes in the rate of economic growth in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, interruptions to shipping lanes or other methods of transport, outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by foreign and domestic companies, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and clams by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission Safe Harbor Statement.