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Foster Wheeler Awarded Contract for EPC Phase of Major Condensate Refinery Upgrade in UAE

Posted on: Wednesday, 30 November 2005, 09:00 CST

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that one of its subsidiaries has received an engineering, procurement and construction management contract from ENOC Processing Company LLC (EPCL) for a major upgrade of EPCL's Jebel Ali gas condensate refinery in Dubai, United Arab Emirates. The project will be undertaken by Foster Wheeler Energy Limited in the UK. The terms of the award, which will be included in the company's fourth-quarter bookings, were not disclosed.

"We have been working with EPCL on this upgrade project for some time," said Steve Davies, chairman and chief executive officer of Foster Wheeler Energy Limited. "We have developed a strong working relationship with EPCL during the front-end engineering design phase when we examined the upgrade options, defined the optimum configuration and developed the cost estimate. With this award for the EPC phase, we are uniquely positioned to combine our detailed knowledge of the existing facility and planned upgrade, together with our proven EPC and refining expertise, to deliver a world-class facility for our client."

"We have been very pleased with the quality of the front-end design carried out by Foster Wheeler and the commitment shown by their team. We selected them for the EPC phase because of the quality of their team and their EPC and refining track record," commented Hussain Sultan, group chief executive, ENOC, and board member, EPCL. "We look forward to working together to deliver a successful project."

The upgrade of the existing 120,000 barrels per stream day (BPSD) gas condensate refinery will include a 70,000 BPSD liquefied petroleum gas/naphtha hydrotreater, a 36,000 BPSD crude catalytic reformer and ancillary processing units, plus associated new or revamped utilities and offsite facilities.

The new facilities will allow EPCL to i) upgrade its existing naphtha product to a low-sulfur petrochemical naphtha product stream, ii) provide a 102 RON (Research Octane Number) reformate product stream, and iii) operate the plant at full capacity using sour condensates. Other new products will include liquefied petroleum gas, butane and sulfur.

Photo available from: http://www.fwc.com/enewsroom/images/enocphoto.jpg

Caption: At the press conference held in Dubai on 30 November 2005. Left to right: Steve Davies, chairman and chief executive officer, Foster Wheeler Energy Limited; HE Dr Mohammed Khalfan Bin Khirbash, UAE minister of State for Finance and Industry and chairman of Dubai Islamic Bank; Hussain M Sultan, group chief executive, ENOC, and board member, EPCL; Mirza H Al Sayegh, vice chairman, ENOC; and Tayyeb Al Mulla, chief executive international refining & marketing, ENOC.

Notes to Editors:

1. 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 refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, visit our Web site at www.fwc.com.

2. Safe Harbor Statement

This news release contains 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 our expectations regarding revenues (including as expressed by our backlog), 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 under the heading "Business--Risk Factors of the Business" in the Company's most recent annual report on Form 10-K/A 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 power, oil and gas, pharmaceutical, chemical/petrochemical and environmental industries, changes in the financial condition of customers, changes in regulatory environment, 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, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, outcomes of pending and future litigation, including litigation regarding our liability for damages and insurance coverage for asbestos exposure, protection and validity of patents and other intellectual property rights, increasing competition by foreign and domestic companies, compliance with debt covenants, recoverability of claims against customers and others, changes in estimates used in 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 our control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us.

Source: Business Wire

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