Foster Wheeler Awarded Contract by IES for Refinery Modernization in Italy
August 07 2007 - 9:30AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
Milan-based subsidiary Foster Wheeler Italiana S.p.A., part of its
Global Engineering and Construction Group, has been awarded a
contract by Italiana Energia e Servizi S.p.A. (IES) for the
engineering, procurement and construction supervision services for
a modernization project at IES� Mantua refinery in northern Italy.
The refinery modernization aims to produce automotive diesel
complying with European Union ultra-low-sulfur specifications and
reduce refinery emissions to the environment. The majority of
Foster Wheeler�s contract value, which was not disclosed, was
included in the company�s first-quarter 2007 bookings, and the
balance will be included in the company�s second-quarter 2007
bookings. The project has been awarded to Foster Wheeler under the
terms of a three-year general framework agreement for engineering,
procurement and construction management services signed with IES in
2006. The contract includes new gasoil hydrodesulfurization, sulfur
recovery and amine washing units, a new flare system and utilities
and offsites. Foster Wheeler will also upgrade the existing mild
hydrocracking and gasoil hydrodesulfurization units, steam and
electrical systems. �We are extremely pleased with this award by
IES, which follows our successful execution of the front-end
engineering design for this modernization project,� said Marco
Moresco, chief executive officer of Foster Wheeler Italiana. �We
will spare no efforts in continuing to deliver our best performance
to IES.� �We look forward to strengthening our business
relationship with Foster Wheeler Italiana,� said Adolfo Vannucci,
managing director of IES. �Our approach to the management of this
project is on a collaborative partnership basis and we are
confident that Foster Wheeler will provide us with superior
performance in the successful implementation of this project.�
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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