Foster Wheeler Awarded Engineering and Supply Contract for Fired Heaters for Tatarstan Refinery
July 31 2008 - 8:05AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
Milan-based subsidiary Foster Wheeler Italiana S.p.A., part of its
Global Engineering and Construction Group, has been awarded a
contract for the supply of fired heaters for the Nizhnekamsk
integrated refinery and petrochemicals complex in the Republic of
Tatarstan, Russian Federation. The contract was awarded by Open
Joint-Stock Company "TANECO," a unit of Russian oil company
Tatneft. The terms of the contract, which will be included in
Foster Wheeler�s second-quarter 2008 bookings, were not disclosed.
Foster Wheeler Italiana will engineer and supply the materials for
two furnaces for the hydrocracking unit, and a charge heater and
three interheaters for the continuous catalytic reformer unit. OJSC
TANECO is the new name of CJSC Nizhnekamsk Refinery for whom Foster
Wheeler has already successfully completed the front-end
engineering design for the new complex and the process design
package for the delayed coker. In addition, at the end of 2007,
Foster Wheeler Italiana was also awarded a contract for the
detailed engineering of two heaters for the new delayed coker. �We
are indeed very pleased to be awarded these contracts by TANECO,�
said Marco Moresco, chief executive officer, Foster Wheeler
Italiana. �The excellent relationship we have already established
with Nizhnekamsk Refinery is demonstrated by these additional
awards.� These contracts are expected to be completed by the end of
2009. 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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