Foster Wheeler Wins Coker Heater Contract for New COPC Refinery in China
April 10 2007 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
subsidiary Foster Wheeler USA Corporation, part of its Global
Engineering and Construction Group, has been awarded a contract by
CNOOC Oil & Petrochemicals Co., Ltd. (�COPC�) for the thermal
design, engineering, procurement, and material supply of two
delayed coker heaters. The heaters will be installed in a new
four-drum delayed coking unit, which will be part of the new COPC
Huizhou refinery at Daya Bay, Guangdong Province, People�s Republic
of China. This latest contract follows the 2005 award to Foster
Wheeler of the process design package for the new delayed coking
unit, which will be based on its leading Selective Yield Delayed
Coking (SYDECSM) process. The terms of the award, which were
included in the company�s fourth-quarter 2006 bookings, were not
disclosed. �Foster Wheeler is pleased to be awarded another
contract by COPC,� said Bruce Young, vice president and general
manager of Foster Wheeler USA Corporation�s Fired Heater Division.
�This latest award, which consolidates our already strong position
in the supply of delayed coker heaters worldwide, reflects the
quality and the depth of our technical expertise. In addition, this
award reflects Foster Wheeler and COPC�s close and cooperative
working relationship, which is focused on the successful completion
of this important project for the People�s Republic of China.� The
Foster Wheeler delayed coker heaters, which use its proprietary
Terrace-WallTM design, are an integral component of the company�s
SYDECSM process technology. Foster Wheeler is a market leader in
the supply of delayed coking fired heaters and has supplied more
than 80 coker heaters worldwide. 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. 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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