Foster Wheeler Awarded Front-End Design for LNG Liquefaction Facilities in Nigeria
February 28 2007 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced that its UK and
Nigerian subsidiaries, Foster Wheeler Energy Limited and Foster
Wheeler (Nigeria) Limited, which are both part of its Global
Engineering and Construction Group, in a joint venture with Chiyoda
Corporation have been awarded a contract by Nigeria LNG Limited
(NLNG) for the Project Specification, or front-end engineering
design, for the SevenPlus project. The SevenPlus project involves
the construction of two new natural gas liquefaction trains, each
producing 8.5 million metric tonnes of LNG per annum, at NLNG�s
Bonny Island LNG complex in Nigeria. On completion, these will be
the two largest LNG trains in the world. NLNG is a partnership of
the Nigerian National Petroleum Company (NNPC), Shell, Total and
ENI. The terms of the contract were not disclosed, and the award
was included in Foster Wheeler�s fourth-quarter 2006 bookings.
Foster Wheeler and its joint venture partner will produce a project
specification package, which will form the basis for an invitation
to bid for an engineering, procurement and construction contract.
�Foster Wheeler is proud to be leading this joint venture,� said
Steve Davies, chairman and chief executive officer, Foster Wheeler
Energy Limited. �This award demonstrates NLNG�s confidence in the
quality and experience of our technical experts and our LNG track
record. We are committed to working with NLNG to meet its
objectives including safety, quality, cost, schedule and local
content.� �We welcome Foster Wheeler�s leadership in our plans to
design and build the world�s two largest LNG trains in Nigeria,�
commented Chinasa Ego-Osuala, expansion co-ordinator, Nigeria LNG
Limited. �Foster Wheeler has over 30 years� experience in Nigeria
and brings substantial LNG liquefaction expertise from other LNG
projects in Australia, the Middle East and the Far East.� 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 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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