Foster Wheeler Awarded Contract for Biomass CFB Steam Generator in Belgium
July 24 2008 - 9:15AM
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 Prokon Nord Energiesysteme
GmbH for a 26 MWe (gross megawatt electric) circulating
fluidized-bed (CFB) steam generator to be located in Oostrozebeke,
Belgium. The new biomass-fired CFB will be owned by A&S Energy,
a partnership between the renewable power company, Aspiravi, and
the wood products manufacturing firm Spano, which operates a
facility in Oostrozebeke and which will be responsible for the
supply of non-recyclable wood residue to be used as fuel. The
electricity produced will be sold to the local grid. 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 second quarter of 2008. This will
be the fourth CFB steam generator that Foster Wheeler has provided
to Prokon Nord in the past five years. Foster Wheeler CFBs are
currently operating in Prokon Nord projects in the German cities of
Papenburg, Hamburg and Emlichheim. Foster Wheeler will design and
supply the steam generator and auxiliary equipment. Commercial
operation of the new boiler is scheduled for the autumn of 2010.
�Foster Wheeler�s CFB technology provides environmentally friendly
fuel flexibility for demolition wood fired plants, such as this,�
said Tomas Harju-Jeanty, president and chief executive officer of
Foster Wheeler Energia Oy. �The proven design of this fourth CFB to
Prokon Nord reflects the success of Foster Wheeler�s previous
deliveries to the green energy power market.� 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
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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
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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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