Foster Wheeler Awarded Contract for Two Circulating Fluidized-Bed Steam Generators by Hanwha Engineering and Construction
July 31 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
Hanwha Engineering & Construction Corporation (HENC) for the
design and supply of two circulating fluidized-bed (CFB) steam
generators to be located in Gunjang National Industrial Complex
(HENC GP Project), Gunsan City, Republic of Korea. HENC is a
subsidiary of Hanwha Group, a large industrial conglomerate in
Korea. This is the second contract in Korea awarded to Foster
Wheeler by a subsidiary of Hanwha Group; in 2007 Foster Wheeler
received a contract for three CFB steam generators by Hanwha
International Corporation. Foster Wheeler has received a full
notice to proceed on this contract. The terms of the award were not
disclosed, and the contract value will be included in the company�s
third-quarter 2008 bookings. Construction of the two 50 MWe (gross
megawatt electric) CFB steam generators is expected to begin in the
spring of 2009 with commercial operations scheduled for 2010. �We
selected Foster Wheeler because we are confident in both their CFB
technology and their track record of successful CFB projects in
Asia,� said Y. D. Chin, executive vice president of Hanwha
Engineering & Construction Corporation. 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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