Foster Wheeler Awarded Three Circulating Fluidized-Bed Steam Generators by Hanwha International Corporation
March 08 2007 - 3:34PM
Business Wire
Foster Wheeler Ltd. (NASDAQ: FWLT) announced today that a
subsidiary within its Global Power Group has been awarded a
contract from the Hanwha International Corporation for the design
and supply of three circulating fluidized-bed (CFB) steam
generators for a chemical facility located in the Yeosu area of
Southern Korea. Hanwha International Corporation is a wholly owned
subsidiary of Hanwha Chemical Corporation, which is a leading
petrochemical manufacturer and supplier in Asia. Foster Wheeler has
received a full notice to proceed on this contract and the
undisclosed contract value will be included in Foster Wheeler�s
first-quarter 2007 bookings. The three 100 MWe (gross megawatt
electric) CFB steam generators are designed to fire bituminous
coal. To burn this fuel as cleanly as possible, limestone bed
material will be used to capture the fuel�s sulfur within the CFB
boilers. The CFB boilers will also be equipped with Foster
Wheeler�s advanced selective non-catalytic NOx reduction technology
to minimize NOx emissions from the plant. Construction of the CFB
boilers is expected to begin in the summer of 2007, with commercial
operation of the plant scheduled for the end of 2009. �We are
pleased to supply these state-of-the-art CFB boilers to the Hanwha
International Corporation and to be part of this important
project,� said Gary Nedelka, president and chief executive officer
of Foster Wheeler North America Corp. �This is another example of
Foster Wheeler's commitment to supply environmentally friendly and
cost-effective technology to support our clients in the chemical
industry.� �We selected Foster Wheeler due to our confidence both
in their CFB technology and their track record of successful CFB
projects in Asia,� said Youn T. Kim, president and chief executive
officer of Hanwha International Corporation. 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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