Foster Wheeler Awarded Supercritical Once-Through Pulverized Coal Steam Generator for Longview Power Project in West Virginia
January 30 2007 - 6:03PM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary within its Global Power Group has been awarded a
contract from Longview Power, LLC (�Longview�) for the design and
supply of a supercritical once-through pulverized coal (PC) steam
generator. The generator is for Longview�s coal-fired generating
facility located in Monongalia County, West Virginia. Longview is a
100 percent-owned subsidiary of GenPower Holdings, L.P., which is
jointly owned by GenPower, LLC and First Reserve Corporation. The
Longview plant will be one of the largest private investments in
the history of West Virginia. Foster Wheeler has received an
immediate limited notice to proceed. The value of this limited
notice to proceed, which will be included in Foster Wheeler�s
first-quarter 2007 bookings, was not disclosed. The total contract,
which is valued at approximately $200 million, calls for Foster
Wheeler to provide Longview with a 695 (net) megawatt electric
(MWe) state-of-the-art PC steam generator utilizing Siemens
advanced BENSON vertical tube supercritical steam technology. The
steam generator will fire local bituminous coal from the adjacent
MEPCO coal mine and provide steam to a single supercritical reheat
turbine. The advanced supercritical steam technology will produce
electricity very efficiently making this plant one of the cleanest
solid fuel plants in the nation. Construction of the boiler is
expected to begin in the spring of 2007, with commercial operation
of the plant scheduled for the spring of 2011. �We are pleased to
accept this strategic award. This new power plant represents a win
for U.S. energy security, the environment and the West Virginia
economy while underscoring our client�s confidence in this
advanced, clean, fuel-efficient steam generator technology,� said
Gary Nedelka, chief executive officer of Foster Wheeler North
America Corp. �This is another example of Foster Wheeler's
commitment to supply cost-effective twenty-first century solutions
to support our clients in the power industries.� �We are very
excited to commence construction of the Longview plant in West
Virginia,� said Bob Place, CEO of GenPower Holdings. �Longview will
be a state-of-the-art facility producing approximately 700 MW of
clean, coal-fired energy to the region. In addition, construction
and operation of the facility will provide highly skilled
employment opportunities to West Virginia and Monongalia County in
particular.� 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. GenPower specializes
in the development of electrical generation plants. GenPower was
formed by power industry veterans who have extensive experience in
power project development, finance, construction and operations. To
date, GenPower and members of its management team have successfully
developed and built an 800 MW mine-mouth coal plant in Australia;
financed, built and operated four biomass facilities in New
England; and have worked on coal and hydro plant developments in
India and Turkey. GenPower has also successfully developed over
1,800 MW of natural gas-fired combined-cycle electric generation
facilities in the U.S. 3. First Reserve Corporation is the oldest
and largest private equity firm specializing in the energy
industry. Founded in 1983, First Reserve was the first private
equity investment firm to actively pursue building a broadly
diversified global investment portfolio of companies involved in
the various sectors of the energy industry. Since 1992, First
Reserve has raised over $12.7 billion for its buyout-focused funds.
Throughout its 24-year history, the strong franchise that the firm
has developed by investing exclusively in companies involved in the
energy industry has served as a competitive advantage for First
Reserve. 4. 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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