Foster Wheeler Awarded Contract by CEPSA for New Refinery Units in Spain
March 05 2007 - 10:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) is pleased to announce that its
Spanish subsidiary, Foster Wheeler Iberia, S.A.U., part of its
Global Engineering and Construction Group, has been awarded a
contract by Compa��a Espa�ola de Petr�leos, S.A. (CEPSA), one of
the main Spanish refining companies, for the detailed engineering
of new crude, vacuum and gas recovery units at La R�bida Refinery
in Huelva, Spain. This refinery expansion is part of an investment
by CEPSA that is aimed at meeting growing demand in Europe for
middle distillates such as diesel fuel and kerosene. This latest
award follows the successful completion of the front-end
engineering design (FEED) for these units by Foster Wheeler Iberia.
The Foster Wheeler contract value was not disclosed. The project
will be included in the company�s first-quarter 2007 bookings. �We
are proud to receive this award for the next phase of CEPSA�s
investment at La R�bida, which further extends our excellent
35-year relationship with this client,� said Jes�s Cadenas,
managing director and chief executive officer of Foster Wheeler
Iberia. �We have in-depth refining expertise and have a strong and
proven track record in crude, vacuum, and gas recovery units.� The
crude distillation unit will have a capacity of 90,000 barrels per
stream day (BPSD), the vacuum distillation unit capacity will be
30,500 barrels per stream day (BPSD) and the capacity of the gas
concentration unit will be approximately 148 tons per hour.
Mechanical completion of the new facility is expected during the
last quarter of 2009. Notes to Editors: 1. Foster Wheeler Ltd. is a
global company offering, through its subsidiaries, a broad range of
design, engineering, construction, manufacturing, project
development and management, research and plant operation services.
Foster Wheeler serves the refining, oil and gas, 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. 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.
Foster Wheeler (NASDAQ:FWLT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Foster Wheeler (NASDAQ:FWLT)
Historical Stock Chart
From Jul 2023 to Jul 2024