Foster Wheeler Awarded a Delayed Coker Contract for the New Aramco/Total Refinery in Saudi Arabia
May 24 2007 - 10:30AM
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
Aramco Services Company and Total France for a process design
package for a new delayed coker. The delayed coker is part of the
Jubail Export Refinery, a grassroots full-conversion refinery
designed to process Arabian heavy crude, to be built in Jubail
Industrial City, Kingdom of Saudi Arabia. The delayed coker unit,
one of the largest in the world, will be based on Foster Wheeler�s
leading Selective Yield Delayed Coking (SYDECSM) process. The coker
design package will be developed by Foster Wheeler�s Houston,
Texas, office. The terms of the award, which was included in the
company�s fourth-quarter 2006 bookings, were not disclosed. �Foster
Wheeler is delighted to be awarded this important project, which
reflects our market leadership in delayed coking. We look forward
to working with Aramco Services Company and Total France to deliver
a successful project,� said Troy Roder, president and chief
executive officer of Foster Wheeler USA Corporation. Foster
Wheeler�s SYDECSM process is a thermal conversion process used by
refiners worldwide to upgrade heavy residue feed and process it
into high value transport fuels. The SYDECSM process achieves
maximum clean liquid yields and minimum fuel coke yields from high
sulfur residues. By installing a SYDECSM unit, a refinery owner is
able to process heavier crudes, which sell at a discount to the
benchmark light, sweet crudes, thereby allowing the owner to
receive the benefit of increased refining margins. Foster Wheeler
is a market leader in delayed coking and has supplied its delayed
coking process technology worldwide for over 80 new cokers and has
worked on more than 70 delayed coker revamps. Notes to Editors: 1.
Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering, 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 news release contains
forward-looking statements that are based on management�s
assumptions, expectations and projections about the Company and the
various industries within which the Company operates. These include
statements regarding the Company�s expectations regarding 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 in Part II, Item
1A �Risk Factors� of the Company�s most recent quarterly report on
Form 10-Q and the following, could cause the Company�s 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 its customers, changes in regulatory
environment, changes in project design or schedules, contract
cancellations, changes in estimates made by the Company 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 its patents and other intellectual property rights, increasing
competition by foreign and domestic companies, compliance with its
debt covenants, recoverability of claims against its customers and
others by the Company and clams by third parties against the
Company, changes in estimates used in its 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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