Foster Wheeler Awarded Two Circulating Fluidized-Bed Boilers for Cam Pha Power Plant in Vietnam
November 06 2006 - 9:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that Foster
Wheeler North America Corp., an operating unit of its Global Power
Group, has been awarded a contract by Harbin Power Engineering
Company, Ltd. (HPE) for the design of two 545 tons per hour
sub-critical circulating fluidized-bed (CFB) steam generators for
the Cam Pha Power Plant Power Project in Cam Pha, Vietnam. The
contract, valued at approximately $12 million, calls for Foster
Wheeler to provide HPE, a subsidiary of Harbin Power Plant
Equipment Group Corporation, with two 150 megawatt (MWe, net) CFB
boilers to be used at the Cam Pha power station. The two boilers
are designed to use waste anthracite and slurry and will provide
steam to a single 300 MWe reheat turbine. The award will be
included in Foster Wheeler�s third-quarter 2006 bookings. �We are
delighted with this important award which combines Foster Wheeler�s
advanced CFB technology with our partners in China for a project in
Vietnam,� said Gary Nedelka, chief executive officer of Foster
Wheeler North America and Power Group Asia. Construction at the
site is expected to begin in the second quarter of 2007, with
commercial operation scheduled for mid-2009. 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 Foster Wheeler North America Corp., an operating unit of
its Global Power Group, has been awarded a contract by Harbin Power
Engineering Company, Ltd. (HPE) for the design of two 545 tons per
hour sub-critical circulating fluidized-bed (CFB) steam generators
for the Cam Pha Power Plant Power Project in Cam Pha, Vietnam. The
contract, valued at approximately $12 million, calls for Foster
Wheeler to provide HPE, a subsidiary of Harbin Power Plant
Equipment Group Corporation, with two 150 megawatt (MWe, net) CFB
boilers to be used at the Cam Pha power station. The two boilers
are designed to use waste anthracite and slurry and will provide
steam to a single 300 MWe reheat turbine. The award will be
included in Foster Wheeler's third-quarter 2006 bookings. "We are
delighted with this important award which combines Foster Wheeler's
advanced CFB technology with our partners in China for a project in
Vietnam," said Gary Nedelka, chief executive officer of Foster
Wheeler North America and Power Group Asia. Construction at the
site is expected to begin in the second quarter of 2007, with
commercial operation scheduled for mid-2009. 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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