Foster Wheeler Wins Contracts for a New Delayed Coker Complex for REPSOL YPF in Spain
March 14 2008 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
Madrid-based subsidiary Foster Wheeler Iberia, S.A.U., part of its
Global Engineering and Construction Group, has been awarded a
contract by REPSOL YPF for the detailed engineering, procurement
services and construction management of a new delayed coker complex
at its refinery at Cartagena, in southeast Spain. The coking
complex consists of a 53,000 barrels per stream day (bpsd) delayed
coker unit, which will use Foster Wheeler�s leading SYDEC(SM)
technology, a gas concentration unit and a 90,000 bpsd vacuum
distillation unit. The value of this contract, which was not
disclosed, will be included in Foster Wheeler�s first-quarter 2008
bookings. In 2007, Foster Wheeler Iberia was awarded a separate
contract for the design and supply of the coker fired heaters which
are an integral part of the coker unit. The value of the heater
award was not disclosed and was included in Foster Wheeler�s
fourth-quarter 2007 bookings. This award follows the successful
completion of the process design package for the delayed coker unit
by Foster Wheeler�s coking center of excellence in Houston, and the
front-end engineering design by Foster Wheeler Iberia. The basic
design of the vacuum distillation unit has already been completed
by Foster Wheeler Iberia. "We are very pleased that REPSOL YPF has
selected our delayed coking technology and our project execution
expertise for this important project,� commented Jes�s Cadenas,
chief executive officer of Foster Wheeler Iberia S.A.U. �This award
follows the similar recent award to us of the coker complex for
Petronor�s Somorrostro Refinery in Spain. The Petronor refinery is
majority owned by REPSOL YPF.� Foster Wheeler's SYDEC(SM) process
is a thermal conversion process used by refiners worldwide to
upgrade heavy residue feed and process it into high-value transport
fuels. The SYDEC(SM) process achieves maximum clean liquid yields
and minimum fuel coke yields. Foster Wheeler is a market leader in
delayed coking and has supplied its delayed coking process
technology worldwide for over 80 new cokers and has worked on more
than 70 delayed coker revamps. 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 I, Item
1A �Risk Factors� of the Company�s most recent annual report on
Form 10-K 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
environments, 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 its
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, 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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