Foster Wheeler Wins Contract for Terrace-Wall(TM) Reformer and Fired Heaters at Bangchak Refinery, Thailand
February 28 2007 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
subsidiary, Foster Wheeler Energy Limited, part of its Global
Engineering and Construction Group, has been awarded an engineering
and materials supply contract for a Terrace-Wall� reformer and
three fired heaters by CTCI Corporation. CTCI is the engineering,
procurement & construction (EPC) prime contractor for the
Bangchak Petroleum Public Co. Ltd.'s Product Quality Improvement
project at its refinery in Thailand. The objective of the project
is to upgrade fuel oil to produce higher-value products such as
gasoline, kerosene and diesel. The Foster Wheeler contract value
was not disclosed and the award was included in the company�s
fourth-quarter 2006 bookings. The project includes a hydrogen
production plant, which will use steam-reforming technology
licensed from Foster Wheeler and a Foster Wheeler Terrace-Wall�
reformer. The hydrogen production plant will have the capacity to
produce 40 million standard cubic feet per day, or 44,680 normal
cubic meters per hour, of high-purity hydrogen. The hydrogen
production plant is planned for operation by mid-2008. Foster
Wheeler will also supply three fired heaters for the vacuum
distillation and hydrocracker units. �This award further
strengthens Foster Wheeler�s excellent relationship with the
Bangchak Refinery. We first worked at the refinery in 1995, on the
successful clean fuels project,� said Steve Davies, chairman and
chief executive officer, Foster Wheeler Energy Limited. �This award
also reinforces our position as a leading supplier of technology
and reformers for hydrogen production, in particular where heavier
feedstocks are processed that require pre-reformer technology.�
Foster Wheeler�s Terrace-Wall� reformer features a unique firing
arrangement within a sloped-wall radiant section, enabling long
catalyst and catalyst tube life, and can be designed for natural
draft operation, providing additional operational, reliability and
cost benefits. Foster Wheeler has supplied over 200 Terrace-Wall�
steam reformers to the refining and petrochemical industries in
more than 40 countries worldwide. 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, please
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 I, Item 1A. �Risk Factors� in its
most recent annual report on Form 10-K, 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 oil and gas, oil refining,
chemical/petrochemical and power 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; interruptions to shipping lanes or other
methods of transport; 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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