Foster Wheeler Awarded Wind Farm EPC Contract in Italy
November 06 2006 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
Milan-based subsidiary Foster Wheeler Italiana S.p.A., part of its
Global Engineering and Construction Group, has been awarded an
engineering, procurement and construction (EPC) contract by Voreas
S.r.l. for a new wind farm at Pietramontecorvino, in Southern
Italy. Foster Wheeler Italiana owns a 50 percent equity interest in
Voreas. The terms of the contract award, which will be included in
Foster Wheeler�s third-quarter 2006 bookings, were not disclosed.
The new 48 megawatt (MW) wind farm will be comprised of 24
state-of-the-art wind turbine generators. The new wind farm is
expected to be completed by the end of 2007. The plant is expected
to sell its power output in the new liberalized Italian power
market and is also expected to sell Green Certificates for the
first twelve years of operation, in accordance with recently
enacted Italian legislation aimed at encouraging electricity
production from renewable sources. A Green Certificate is an
official record proving that a specified amount of electricity has
been generated from renewable sources. Green certificates represent
the environmental value of renewable energy production and can be
traded separately from the energy produced. �Foster Wheeler
Italiana has been active and successful in power project
developments since the early 1990s,� said Gianfranco Brustia,
director, Power Division, and vice president, Foster Wheeler
Italiana S.p.A. �Foster Wheeler Italiana, through a separate wholly
owned subsidiary, already owns three additional wind farms in the
south of Italy with an overall capacity of 55 MW, of which 22.5 MW
are already in commercial operation and the remaining 32.5 MW are
at an advanced stage of development. This latest award further
strengthens our position as a developer, equity investor and
operator of wind farms in Italy.� 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 its Milan-based subsidiary Foster Wheeler Italiana
S.p.A., part of its Global Engineering and Construction Group, has
been awarded an engineering, procurement and construction (EPC)
contract by Voreas S.r.l. for a new wind farm at
Pietramontecorvino, in Southern Italy. Foster Wheeler Italiana owns
a 50 percent equity interest in Voreas. The terms of the contract
award, which will be included in Foster Wheeler's third-quarter
2006 bookings, were not disclosed. The new 48 megawatt (MW) wind
farm will be comprised of 24 state-of-the-art wind turbine
generators. The new wind farm is expected to be completed by the
end of 2007. The plant is expected to sell its power output in the
new liberalized Italian power market and is also expected to sell
Green Certificates for the first twelve years of operation, in
accordance with recently enacted Italian legislation aimed at
encouraging electricity production from renewable sources. A Green
Certificate is an official record proving that a specified amount
of electricity has been generated from renewable sources. Green
certificates represent the environmental value of renewable energy
production and can be traded separately from the energy produced.
"Foster Wheeler Italiana has been active and successful in power
project developments since the early 1990s," said Gianfranco
Brustia, director, Power Division, and vice president, Foster
Wheeler Italiana S.p.A. "Foster Wheeler Italiana, through a
separate wholly owned subsidiary, already owns three additional
wind farms in the south of Italy with an overall capacity of 55 MW,
of which 22.5 MW are already in commercial operation and the
remaining 32.5 MW are at an advanced stage of development. This
latest award further strengthens our position as a developer,
equity investor and operator of wind farms in Italy." 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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