Foster Wheeler Awarded Another CFB Boiler Design and Supply Contract by SINOPEC in China
October 24 2006 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that two Chinese
subsidiaries in its Global Power Group have been awarded contracts
by a unit of the China Petrochemical Corporation (SINOPEC) to
design and supply three 100 MWe circulating fluidized-bed (CFB)
boilers for SINOPEC Tianjin Company�s ethylene complex in Tianjin
City, People's Republic of China. The state-of-the-art, petroleum
coke-fired boilers will be designed by Foster Wheeler International
Engineering & Consulting (Shanghai) Company Limited and
manufactured in part by Foster Wheeler Power Machinery Company
Limited at its facility in Xinhui, China. Commissioning of the
Tianjin boilers is anticipated in 2008. The boilers will be similar
in design to Foster Wheeler boilers currently in commercial
operation at SINOPEC�s Maoming refinery in China. The value of the
contracts, which will be included in the company's third-quarter
2006 bookings, was not disclosed. �In the last ten years, SINOPEC
has purchased a total of nineteen CFB boilers from Foster Wheeler,"
said Gary Nedelka, chief executive officer of Foster Wheeler North
America and Power Group Asia. �This latest order confirms SINOPEC�s
continued satisfaction with our highly reliable CFB boilers and
further strengthens our long-standing relationship with our client.
Our highest priority remains providing efficient, environmentally
sound power generation technologies to countries around the world.�
�SINOPEC Tianjin Company considers Foster Wheeler a global leader
in circulating fluidized-bed (CFB) technology. We believe that
Foster Wheeler�s experience and good cooperation with SINOPEC will
deliver a successful project,� commented Mr. Xu Hongxing, general
manager, SINOPEC Tianjin Company. 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,
petrochemicals, 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 http://www.fwc.com. 2. Safe Harbor Statement This press
release may contain forward-looking statements that are based on
the Company�s assumptions, expectations and projections about
Foster Wheeler and the various industries within which it operates.
These include statements regarding the Company�s expectation about
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 under
Part II, Item 1A. �Risk Factors� in its most recent quarterly
report on Form 10-Q, could cause 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 and
chemical/petrochemical industries; changes in the financial
condition of the Company�s customers; changes in regulatory
environment; changes in project design or schedules; contract
cancellations; changes in the Company�s estimates 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 the Company�s liability for damages and
insurance coverage for asbestos exposure; protection and validity
of the Company�s patents and other intellectual property rights;
increasing competition by foreign and domestic companies;
compliance with the Company�s debt covenants; recoverability of
claims against the Company�s customers and others by the Company
and claims by third parties against the Company; and changes in
estimates used in the Company�s 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. Foster Wheeler 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. Foster Wheeler Ltd. (Nasdaq: FWLT) announced
today that two Chinese subsidiaries in its Global Power Group have
been awarded contracts by a unit of the China Petrochemical
Corporation (SINOPEC) to design and supply three 100 MWe
circulating fluidized-bed (CFB) boilers for SINOPEC Tianjin
Company's ethylene complex in Tianjin City, People's Republic of
China. The state-of-the-art, petroleum coke-fired boilers will be
designed by Foster Wheeler International Engineering &
Consulting (Shanghai) Company Limited and manufactured in part by
Foster Wheeler Power Machinery Company Limited at its facility in
Xinhui, China. Commissioning of the Tianjin boilers is anticipated
in 2008. The boilers will be similar in design to Foster Wheeler
boilers currently in commercial operation at SINOPEC's Maoming
refinery in China. The value of the contracts, which will be
included in the company's third-quarter 2006 bookings, was not
disclosed. "In the last ten years, SINOPEC has purchased a total of
nineteen CFB boilers from Foster Wheeler," said Gary Nedelka, chief
executive officer of Foster Wheeler North America and Power Group
Asia. "This latest order confirms SINOPEC's continued satisfaction
with our highly reliable CFB boilers and further strengthens our
long-standing relationship with our client. Our highest priority
remains providing efficient, environmentally sound power generation
technologies to countries around the world." "SINOPEC Tianjin
Company considers Foster Wheeler a global leader in circulating
fluidized-bed (CFB) technology. We believe that Foster Wheeler's
experience and good cooperation with SINOPEC will deliver a
successful project," commented Mr. Xu Hongxing, general manager,
SINOPEC Tianjin Company. 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, petrochemicals, 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 http://www.fwc.com. 2.
Safe Harbor Statement This press release may contain
forward-looking statements that are based on the Company's
assumptions, expectations and projections about Foster Wheeler and
the various industries within which it operates. These include
statements regarding the Company's expectation about 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 under Part II,
Item 1A. "Risk Factors" in its most recent quarterly report on Form
10-Q, could cause 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 and chemical/petrochemical
industries; changes in the financial condition of the Company's
customers; changes in regulatory environment; changes in project
design or schedules; contract cancellations; changes in the
Company's estimates 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 the Company's liability for damages and insurance
coverage for asbestos exposure; protection and validity of the
Company's patents and other intellectual property rights;
increasing competition by foreign and domestic companies;
compliance with the Company's debt covenants; recoverability of
claims against the Company's customers and others by the Company
and claims by third parties against the Company; and changes in
estimates used in the Company's 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. Foster Wheeler 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.
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