Foster Wheeler Awarded Circulating Fluidized-Bed Steam Generator by Doosan Heavy Industries
April 10 2007 - 9:15AM
Business Wire
Foster Wheeler Ltd. (NASDAQ: FWLT) announced today that
subsidiaries within its Global Power Group have been awarded
contracts from Doosan Heavy Industries & Construction Co., Ltd.
(Doosan) for the design and supply of a circulating fluidized-bed
(CFB) steam generator for the Glow CFB3 thermal power project in
Thailand. Doosan has been awarded the engineering, procurement and
construction (EPC) contract from Glow Energy PLC, the developer of
the project. Commercial operation of the plant is scheduled for the
end of 2009. Foster Wheeler has received a full notice to proceed
on this contract. The value of the contract, which was not
disclosed, will be included in Foster Wheeler�s second-quarter 2007
bookings. �We are pleased that Doosan has selected Foster Wheeler
for this important project,� said Gary Nedelka, chief executive
officer of Foster Wheeler North America Corp. �We are looking
forward to developing a lasting relationship with this
well-established EPC contractor in the Asian market.� �We are
delighted to start work on the Glow CFB3 project and we are looking
forward to extending our business relationship with Foster Wheeler
to other regions,� said Mr. Ryu, Doosan�s vice president of
overseas marketing. 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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