Foster Wheeler Awarded EPC Contract for Refinery Project in Malaysia
January 24 2007 - 10:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
subsidiary, Foster Wheeler E&C (Malaysia) Sdn. Bhd., part of
its Global Engineering and Construction Group, has been awarded a
contract by Malaysian Refining Company Sdn. Bhd. (MRC), a joint
venture between PETRONAS and ConocoPhillips, for the basic design
engineering package (BDEP) and the engineering, procurement and
construction management (EPC) for a debottlenecking/revamp project
at MRC�s PSR-2 Melaka Refinery in Malaysia. The Foster Wheeler
contract value was not disclosed and the project will be included
in the company�s first-quarter 2007 bookings. �This award reflects
our in-depth technical expertise in refining, our revamp
experience, and our reputation as one of the leading EPC
contractors in the industry,� said Aziz Ali, director, Foster
Wheeler E&C (Malaysia) Sdn. Bhd. �In addition, we have an
extensive knowledge of this refinery, having been MRC�s front-end
engineering design contractor and project management consultant for
the original PSR-2 facility, which was completed in 1999. We look
forward to building upon our close working relationship with MRC
and are committed to delivering a successful project which fully
satisfies our client�s business objectives.� The debottlenecking
and revamp project is expected to permit MRC to increase the
overall refinery throughput from 130,000 to 175,000 barrels per
day. This project includes the revamp of the hydrocracker unit,
significant modifications to the internals of the vacuum
distillation and crude distillation units, the installation of
additional heat exchangers, and modifications to other process
units and associated offsites and utilities. 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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