Foster Wheeler Awarded Contract for Advanced-CFB Steam Generator in Russia
February 12 2008 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Finnish
subsidiary Foster Wheeler Energia Oy, part of its Global Power
Group, has been awarded a contract by PJSC EnergoMashinostroitelny
Alliance (EM Alliance) for a 330 MWe (gross megawatt electric)
advanced circulating fluidized-bed (CFB) steam generator to be
located in Novocherkassk, Russia. The Novocherkasskaya GRES
facility is owned by The Sixth Wholesale Power Market Generating
Company (WGC-6). Foster Wheeler has received a full notice to
proceed on this contract. The terms of the award were not
disclosed, and the contract will be included in the company�s
bookings for the first quarter of 2008. Although Foster Wheeler CFB
technology has been installed in more than 300 locations worldwide,
this is the first CFB to be built in Russia and the second CFB
ordered in the world which utilizes advanced supercritical
once-through (OTU) steam technology. The first such CFB is located
in Poland, where Foster Wheeler is currently building a 460 MWe
OTU-CFB that is planned to come on-line in the first quarter of
2009. OTU-CFB technology improves overall power plant efficiency,
resulting in producing about 5-10% more electricity from the same
amount of fuel consumed as compared to a conventional subcritical
steam power plant. Further, this fuel savings translates into
approximately the same amount of reduction for the plant�s air and
ash emissions helping to reduce the plant�s environmental impact.
Foster Wheeler will supply the steam generator, auxiliary equipment
and advisory services for erection and commissioning of the boiler
island. The boiler will be designed to burn both anthracite and
bituminous coal along with a potential of 30% anthracite slurry.
�This is a wonderful opportunity to further demonstrate the
capabilities of our supercritical CFBs in utility scale
operations,� said Tomas Harju-Jeanty, president and chief executive
officer of Foster Wheeler Energia Oy. �This advanced-CFB technology
will increase opportunities for industrialized nations to use their
domestic coal reserves for large scale utility plants while
minimizing any environmental impact. In addition, we are honored to
be the company selected to bring the first CFB to Russia.� 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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