Foster Wheeler Receives Full Release on Longview Power Project
March 01 2007 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary within its Global Power Group has received a full
release to proceed on its contract from Longview Power, LLC
(�Longview�) for the design and supply of a supercritical
once-through pulverized-coal (PC) steam generator 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
announced the receipt of a limited notice to proceed on January 30,
2007. This full notice to proceed authorizes Foster Wheeler to
execute the entire scope of the project as defined by the contract.
The total contract value of approximately $200 million will be
included in Foster Wheeler�s first-quarter 2007 bookings. The
contract 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. �We congratulate GenPower and First Reserve on reaching
this important milestone,� said Gary Nedelka, chief executive
officer of Foster Wheeler North America Corp. �We look forward to
delivering a successful project that meets the growing power
demands of the region in an environmentally responsible manner.�
�We are very pleased that the project has achieved this milestone
and that we are finally able to release Foster Wheeler�s full
execution team to support this very important project in the state
of West Virginia,� said Bob Place, CEO of GenPower Holdings. 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 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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