Foster Wheeler Awarded Contract for Two Circulating Fluidized-Bed Steam Generators by Shaw Group Subsidiary
July 30 2008 - 8:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has been awarded a contract by
The Shaw Group Inc.�s (NYSE: SGR) Power Group for the design and
supply of two circulating fluidized-bed (CFB) steam generators. The
two CFBs will be a part of the new Dominion Virginia City Hybrid
Energy Center near St. Paul in Wise County, Virginia. Foster
Wheeler has received a full notice to proceed on this contract. The
terms of the award were not disclosed, and the contract was
included in the company�s bookings for the fourth quarter of 2007.
The 585 MWe (net megawatt electric output) energy center will have
the capability to use a wide range of coal qualities, including
waste coal, and up to 20 percent biomass. Commercial operation of
the plant is scheduled for 2012. �This award is especially
significant for two reasons,� said Gary Nedelka, president and
chief executive officer of Foster Wheeler North America Corp.
�First, it demonstrates our success in continuing to expand the
generating capacity and technical performance of large CFBs.
Second, it demonstrates the steadily growing acceptance of market
demand for CFBs in large utility applications. Clearly, CFBs are
the preferred option for customers who want environmentally sound
generating solutions that offer fuel flexibility and cost
effectiveness.� �The power facility that the Foster Wheeler-Shaw
team will be constructing is a model of modern environmental
controls and among the very cleanest fossil-fueled electric
generating stations in the country,� said James Martin, senior vice
president, business development and generation construction,
Dominion Resources. �When it begins operating in 2012, the plant
will provide clean, reliable electricity to serve the fast-growing
needs of Virginia�s citizens and businesses. This plant will be an
important step in our effort to meet the state's burgeoning
electric demand growth.� Foster Wheeler Ltd. is a global
engineering and construction contractor and power equipment
supplier delivering technically advanced, reliable facilities and
equipment. The company employs over 14,000 talented professionals
with specialized expertise dedicated to serving our clients through
one of its two primary business groups. The company�s Engineering
& Construction (E&C) Group designs and constructs
leading-edge processing facilities for the upstream oil and gas,
LNG and gas-to-liquids, refining, chemicals and petrochemicals,
power, environmental, pharmaceuticals, biotechnology and healthcare
industries. The company�s Global Power Group is a world leader in
combustion and steam generation technology that designs,
manufactures and erects steam generating and auxiliary equipment
for power stations and industrial facilities and also provides a
wide range of aftermarket services. 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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