Foster Wheeler Awarded EPC Contract for Pipeline Upgrade in Southern Africa
February 07 2008 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its South
African subsidiary, Foster Wheeler South Africa (Pty) Limited, part
of its Global Engineering and Construction Group, has been awarded
an engineering, procurement and construction (EPC) contract by
Republic of Mozambique Pipeline Investments Company (Pty) Ltd.
(ROMPCO) to upgrade the capacity of the natural gas pipeline which
runs from the Temane gas field in Mozambique to Secunda in South
Africa. The Foster Wheeler contract value for this project was not
disclosed and will be included in the company�s fourth-quarter 2007
bookings. �We are delighted to be awarded the EPC contract for this
major pipeline project by ROMPCO,� said Steve Scott, managing
director of Foster Wheeler South Africa (Pty) Limited. �The award
of this latest phase of the project follows the successful
completion of the feasibility study by our UK operation and the
front-end engineering design (FEED) by our operation in
Johannesburg. We have played a significant role in the Temane field
development, the first major upstream development in Mozambique,
serving as the FEED and EPC contractor for the Temane wellsites,
flowlines and a new central gas processing facility. We are pleased
to have extended our involvement in the overall Temane-Secunda
value chain and are committed to delivering another successful
project in the region.� This capacity expansion project primarily
involves the installation at Komatipoort, South Africa, of a new
compressor station, including two new gas-turbine-driven compressor
units and ancillary equipment to increase the pipeline gas flow
rate. The existing pressure protection system at Secunda will also
be upgraded to accommodate the increased gas flows. 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 company 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 claims by third
parties against the Company, and 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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