Foster Wheeler Awarded Study for Advanced Coal-Fired Power Plant Using IGCC Technology
August 14 2007 - 9:00AM
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 the United States �based Electric Power Research
Institute (EPRI) for a feasibility and optimization study covering
the �Engineering and economic assessment of Integrated Gasification
Combined Cycle (IGCC) coal power plants for near-term deployment.�
The value of the contract was not disclosed and it has been
included in Foster Wheeler�s second-quarter 2007 bookings. Foster
Wheeler will undertake a technical and economic evaluation of
thirty IGCC designs, processing different coals with five
alternative gasification technologies, with and without carbon
dioxide capture. The study is scheduled for completion by March
2008. This work is being performed as part of EPRI's Coal Fleet for
Tomorrow Program, a collaboration involving more than 60 power
industry companies to encourage the early deployment of advanced
coal power generation technology. �We are very pleased to have won
this prestigious contract from EPRI,� said Marco Moresco, chief
executive officer of Foster Wheeler Italiana. �We believe that this
award reflects the quality of our IGCC experience and capability
and will lead to tangible environmental benefits in our
increasingly carbon-constrained world.� About the Electric Power
Research Institute: The Electric Power --Research Institute (EPRI),
with major locations in Palo Alto, Calif., Charlotte, N.C., and
Knoxville, Tenn., was established in 1973 as an independent,
nonprofit center for public interest energy and environmental
research. EPRI brings together member organizations, the
Institute's scientists and engineers, and other leading experts to
work collaboratively on solutions to the challenges of electric
power. These solutions span nearly every area of power generation,
delivery, and use, including health, safety, and environment.
EPRI's members represent over 90% of the electricity generated in
the United States. International participation represents nearly
15% of EPRI's total R&D program. For more information, visit
www.epri.com. 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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