Foster Wheeler Awarded Contract for Circulating Fluidized-Bed Steam Generator for Waste-to-Energy Plant by E.ON Varme Sverige AB
July 29 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
E.ON V�rme Sverige AB, Sweden for a waste-fuel-fired circulating
fluidized-bed (CFB) boiler island to be located at the combined
heat and power (CHP) plant in Norrkoping, Sweden. This
waste-to-energy plant using Foster Wheeler�s CFB technology will
divert waste headed for landfills and convert it into valuable
steam and electricity. Foster Wheeler CFBs have inherently low
levels of SOX and NOX emissions, which makes them ideally suited
for clients who are seeking an environmentally friendly, economical
and highly efficient use of municipal waste compared with
traditional incineration or older burn technologies. 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 third quarter of 2008. Foster
Wheeler will supply the 84 thermal megawatt CFB boiler and
auxiliary equipment and will carry out the erection and
commissioning of the boiler island. The boiler will be designed to
burn Refuse Derived Fuel (RDF) composed of sorted household and
industrial wastes. The power plant will produce electricity for the
local grid and will also provide heat and process steam to an
adjacent industrial plant. Initial operation of the new boiler is
scheduled for the fall of 2010. �With more than 300 installations
worldwide, Foster Wheeler�s CFB technology is an excellent choice
for clients and their customers who are thinking progressively
about power generation,� said Tomas Harju-Jeanty, chief executive
officer, Foster Wheeler Energia Oy. �Whether it�s through the use
of carbon-neutral fuels or the conversion of municipal waste into
energy � or the use of any one of a host of other feedstocks -- the
CFB offers perhaps the broadest range of fuel flexibility on the
market today.� �This is the start of E.ON Sverige�s EUR 1.0 billion
investment plan in CHP (Combined Heat and Power),� said Karin
Jarl-M�nsson, chief executive officer of E.ON V�rme Sweden AB.
�District heating is an important cornerstone in the production of
more efficient energy and the reduction of environmental effects.�
E.ON is one of the world�s largest investor-owned energy services
providers. With annual sales of just under EUR 69 billion and close
to 88,000 employees, it is focused on its core power and gas
business and its target markets: central Europe, the United
Kingdom, northern Europe, Russia and Midwestern United States.
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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