Foster Wheeler to Supply Circulating Fluidized-Bed Boilers to SINOPEC in the People's Republic of China
August 01 2007 - 12:02PM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that
subsidiaries of its Global Power Group have been awarded a contract
for two circulating fluidized-bed (CFB) steam generators by SINOPEC
Maoming Company, a subsidiary of China Petroleum & Chemical
Corporation (SINOPEC), located in southwest Guangdong Province in
the People�s Republic of China. This CFB project is part of a major
refinery expansion by SINOPEC Maoming. Foster Wheeler has received
a full notice to proceed on the engineering and supply of two 100
MWe class (gross megawatt electric) CFB steam generators, which
will be included in Foster Wheeler�s third-quarter 2007 bookings.
The terms of the contract were not disclosed. �With this award,
SINOPEC confirms its continued confidence in Foster Wheeler�s
highly reliable CFB design,� said Gary Nedelka, chief executive
officer of Foster Wheeler Power Group Asia. �In total, SINOPEC has
purchased 21 CFBs from us in the past 11 years, clearly indicating
the value of excellent performance in generating repeat business.�
�We are fully confident in Foster Wheeler�s high quality CFB
product and the outstanding service they will bring for our
refinery expansion,� said Mr. Li Yonglin, vice-president of SINOPEC
Maoming. �Foster Wheeler�s previous work on our ethylene expansion
project demonstrated the company�s expertise and professionalism in
completing complex jobs � and was a major factor in our selection
of the company to provide the boilers for Maoming.� The coal and
coke-fired CFBs will be designed by Foster Wheeler�International
Engineering & Consulting (Shanghai) Company Limited. Foster
Wheeler Power Machinery Company Limited, which owns a
state-of-the-art manufacturing facility in Xinhui, China, will be
responsible for the manufacturing. Commercial operation of the new
boilers is scheduled for the first quarter of 2009. 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 upstream oil
and gas, LNG and gas-to-liquids, refining, 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
www.fwc.com. Safe Harbor Statement Foster Wheeler news releases may
contain 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, compliance with laws and regulations relating to our
global operations, 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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