Foster Wheeler Awarded Pulverized-Coal Steam Generator by City Utilities of Springfield, Missouri
March 22 2007 - 3:15PM
Business Wire
Foster Wheeler Ltd. (NASDAQ: FWLT) announced today that a
subsidiary within its Global Power Group has been awarded a
contract by City Utilities of Springfield, Missouri for the design
and supply of a natural circulation pulverized-coal (PC) steam
generator to be constructed at City Utilities� existing Southwest
Power Station in Springfield, Missouri. City Utilities is a
community-owned municipal utility serving more than 106,000
customers in southwest Missouri with electricity, natural gas,
water, telecommunications and transit services. Foster Wheeler has
received a full notice to proceed on this contract, valued in
excess of $110 million, which will be included in Foster Wheeler�s
first-quarter 2007 bookings. The 300 MWe (gross megawatt electric)
PC steam generator will be designed to fire low-sulfur Powder River
Basin coal. To burn this fuel as cleanly and efficiently as
possible, the unit will be equipped with Foster Wheeler�s advanced
low-NOx (nitrogen oxides) burner system. In addition, Foster
Wheeler�s selective catalytic reduction technology will be
installed to reduce NOx emissions at the stack, and a flue gas
scrubber will be used for sulfur dioxide reduction. Commercial
operation of the plant is scheduled for the end of 2010. �This
award underscores our client�s confidence in our proven PC steam
generator technology,� 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 twenty-first century
solutions to support our power industry clients.� �This contract is
a significant step in City Utilities of Springfield�s plan to
supply our community with a long-term, reliable and affordable
energy source,� said Scott Miller, associate general manager �
electric supply, City Utilities. �This new facility will be a
state-of-the-art facility producing clean, coal-fired energy for
the region. In addition, construction and operation of the facility
will provide highly skilled employment opportunities for the
southwest Missouri area.� 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. City
Utilities of Springfield (CU) is a progressive, community-owned
utility serving southwest Missouri with electricity, natural gas,
water, telecommunications and transit services. CU�s 106,000
customers enjoy electricity prices among the lowest in the United
States, the convenience of one bill for all utilities, and
dependable hometown services delivered with a personal touch. For
more information, visit www.cityutilities.net. 3. 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. The Company 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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