Foster Wheeler Awarded Contract for Circulating Fluidized-Bed Steam Generators by Entergy Louisiana
March 31 2008 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has been awarded a contract by
Entergy Louisiana, LLC, a subsidiary of Entergy Corporation, for
the design and supply of two circulating fluidized-bed (CFB) steam
generators. The two CFBs and associated auxiliary equipment will be
a part of the Little Gypsy 3 Repowering Project located in Montz,
Louisiana, near New Orleans. 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. Unit 3, which will be
designed to deliver a baseload of 538 MWe (net megawatt electric
output), will have the capability of using petroleum coke, a
plentiful and inexpensive refining byproduct, as well as coal to
produce electricity. Commercial operation of the plant is scheduled
for the first quarter of 2012. �We are pleased to be selected by
Entergy Louisiana to play a part in this important project,� said
Gary Nedelka, president and chief executive officer of Foster
Wheeler North America Corp. �A fundamental benefit of CFB
technology is its naturally low emission level of nitrogen oxide
and sulfur dioxide � a benefit that is especially dramatic when
compared to the older equipment that is replaced in a repowering
project such as Little Gypsy 3.� 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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