Foster Wheeler Awarded Refinery Upgrading Contracts in Greece
July 22 2008 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that Italian and
Greek subsidiaries of its Continental Europe operating unit, part
of its Global Engineering and Construction Group, have been awarded
engineering, procurement and construction management contracts by
HELLENIC PETROLEUM S.A. for a refinery upgrading project at one of
the company�s refineries, at Thessaloniki in Northern Greece. The
scope of the project is the production of low sulphur fuels, which
also results in significant environmental improvements. HELLENIC
PETROLEUM S.A., an energy company, primarily engages in refining
and marketing of petroleum products, petrochemicals, power
production and natural gas, as well as other sectors, in
southeastern Europe. The terms of the awards were not disclosed and
the contracts will be included in Foster Wheeler�s second-quarter
2008 bookings. Foster Wheeler�s scope comprises a new 15,000
barrels per stream day (BPSD) continuous catalytic reformer,
modification of the existing atmospheric distillation unit in order
to switch the operation from high to low sulphur crudes and revamp
of the existing naphtha hydrofiner and crude light ends processing
unit to increase to 26,000 BPSD the refinery�s processing capacity
for the light products. �Foster Wheeler has maintained a strong
presence in the South Mediterranean region and, in particular, in
the vibrant Greek refinery market,� said Marco Moresco, chief
executive officer of Foster Wheeler Italiana. HELLENIC PETROLEUM is
an important client with whom we have a long-standing relationship,
and we look forward to delivering a strong performance which meets
our client�s high expectations.� �We have selected Foster Wheeler
because of its ability to provide qualified and professional
services and to make available skilled and experienced resources,�
said Mr. S. Kyriakopoulos, general director of refineries, HELLENIC
PETROLEUM. The refinery upgrading project, which will increase
gasoline and diesel oil production, is expected to be completed by
the end of 2010. 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
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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