Foster Wheeler Wins Feed for Grassroots Refinery and Petrochemicals Complex in Vietnam
July 28 2008 - 9:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
UK-headquartered subsidiary Foster Wheeler Energy Limited, part of
its Global Engineering and Construction Group, has been awarded a
contract by Nghi Son Refinery & Petrochemical Limited Liability
Company (NSRP LLC) for the planned Nghi Son Refinery, which will be
Vietnam�s second refinery. NSRP LLC is a joint venture company
comprising PetroVietnam and its international partners. The Foster
Wheeler contract value for this project was not disclosed, and will
be included in the company�s third-quarter 2008 bookings. Foster
Wheeler will execute the pre-front-end engineering design
(pre-FEED) followed by the FEED for this new complex, which will
include a 10 million tonnes per annum refinery and a petrochemical
complex. The FEED phase is expected to be completed during the
fourth quarter of 2009. 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 annual 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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