Foster Wheeler USA Wins Coker Contract for BP Whiting Refinery in U.S.
August 21 2008 - 8:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
subsidiary Foster Wheeler USA Corporation, part of its Global
Engineering and Construction Group, has been awarded contracts by
BP Products North America for the engineering, procurement and
fabrication of a 102,000 barrels per stream day (bpsd) six-drum
delayed coking unit and gas plant facilities at BP�s Whiting
refinery in Indiana, U.S. This is an integral part of the BP
Whiting Refinery modernization project which will increase Whiting
gasoline production by 1.7 million gallons a day and equip the
refinery to process increased amounts of secure Canadian crude oil.
The terms of the award were not disclosed. Foster Wheeler USA has
been working on this project since 2005 and a number of bookings
have been made as work was released in stages by BP, including a
release for the thermal design, engineering, procurement, and
material supply of three delayed coker heaters. The largest
booking, which followed the final approval to proceed with this
project by BP, was included in Foster Wheeler�s second-quarter 2008
bookings. �Foster Wheeler is pleased to be playing a key role in
this strategic project for BP,� said Troy Roder, chief executive
officer of Foster Wheeler USA Corporation. �We have developed an
excellent working relationship with BP at the Whiting refinery over
the past three years, during which time we have undertaken the
design for this coking facility and have developed a modular
fabrication strategy for the coker in line with BP�s objectives for
this project. This final release to proceed confirms BP�s continued
confidence in the quality of our team, our in-depth technical
expertise, our project execution track record and our module
fabrication experience.� Foster Wheeler's SYDEC(SM) process is a
thermal conversion process used by refiners worldwide to upgrade
heavy residue feed and process it into high-value transport fuels.
The SYDEC(SM) process achieves maximum clean liquid yields and
minimum fuel coke yields. Foster Wheeler is a market leader in
delayed coking and has supplied its delayed coking process
technology worldwide for more than 80 new cokers and has worked on
more than 70 delayed coker revamps. The Foster Wheeler delayed
coker heaters, which use its proprietary Terrace-WallTM design, are
an integral component of the company�s SYDEC(SM) process
technology. Foster Wheeler is a market leader in the supply of
delayed coking fired heaters and has supplied more than 100 coker
heaters worldwide. 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 about 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 I, Item 1A �Risk Factors� of the
Company�s 2007 Form 10-K, which we filed with the SEC on February
26, 2008 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 transit, 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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