Foster Wheeler Awarded Circulating Fluidized-Bed Boiler by Kaukaan Voima Oy, Finland
May 08 2007 - 11:04AM
Business Wire
Foster Wheeler Ltd. (NASDAQ: FWLT) announced today that its Finnish
subsidiary Foster Wheeler Energia Oy, part of its Global Power
Group, has been awarded a contract by Kaukaan Voima Oy Helsinki,
Finland for a 385 MWth circulating fluidized-bed (CFB) boiler
island to be located in Lappeenranta in eastern Finland. The new
biomass power plant will supply process steam and electricity to
adjacent UPM-Kymmene Corporation�s pulp and paper mill, as well as
district heat and electricity to Lappeenrannan Energia. Foster
Wheeler has received a full notice to proceed on this contract,
which will be included in Foster Wheeler�s second-quarter 2007
bookings. The terms of the contract were not disclosed. Foster
Wheeler will design and supply the 385 thermal megawatt CFB boiler
and auxiliary equipment, including a feed water system, flue gas
cleaning system and the boiler house, and will carry out the
erection and commissioning of the boiler island. The boiler will be
designed to burn biomass or a combination of biomass and peat.
Commercial operation of the new boiler is scheduled for spring
2010. �This is a significant win for Foster Wheeler,� said James E.
Stone, president and chief executive officer, Foster Wheeler
Energia Oy. �This project, which is the largest biomass-fired CFB
ever awarded to Foster Wheeler, reflects Kaukaan Voima Oy�s
confidence in Foster Wheeler as a supplier of state-of-the-art CFB
boilers and is another example of Foster Wheeler's commitment to
supply technologically advanced and cost-effective solutions to our
customers.� �The new power plant, to be built in Lappeenranta, is a
continuation in UPM's long term strategy to utilize biomass
efficiently. The fuels used at the new power plant will be
biomass-based side products from the site and residues from forest
harvesting,� states Anja Silvennoinen, vice president, energy, UPM.
Kaukaan Voima is owned by Pohjolan Voima Oy (PVO) and Lappeenrannan
Energia Oy. Pohjolan Voima is a privately owned group of companies
in the energy sector, which produces electricity and heat for its
shareholders in Finland. Lappeenrannan Energia Oy is a municipal
energy company owned by the City of Lappeenranta. 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. 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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