Foster Wheeler Awarded Contract for Two Circulating Fluidized-Bed Steam Generators in Argentina
August 05 2008 - 9:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has been awarded a contract by
Isolux Ingenieria S.A. y Tecna Proyectos y Operaciones, S.A. for
the design and supply of two circulating fluidized bed (CFB) steam
generators for the R�o Turbio Power Project to be located near the
R�o Turbio mine in southern Santa Cruz province, Argentina. Isolux
Ingenieria S.A. and Tecna Proyectos y Operaciones, S.A. are member
companies of Grupo Isolux Cors�n S.A. 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 120
MWe (gross megawatt electric) CFB steam generators is expected to
begin in the spring of 2009 with commercial operations scheduled
for 2012. 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. Grupo Isolux Cors�n, S.A., a
Spanish engineering, construction, concessions, services and real
estate development group with permanent activity in more than 30
countries, is the lead company for the consortium which was awarded
the R�o Turbio Thermal Power Plant. Additional members of this
consortium are IECSA (a leading civil and electromechanical
construction company in Argentina), TECNA (a Grupo Isolux Corsan
subsidiary for oil & gas) and Ghesa (a recognized power
engineering company in Spain). For more information about Grupo
Isolux Cors�n, please visit Web site at www.isoluxcorsan.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 by us or where equipment or
services are or may be provided by us, 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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