Foster Wheeler Awarded FEED by BP Exploration for In Salah Gas Fields Development in Algeria
October 13 2008 - 8:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
UK-headquartered subsidiary Foster Wheeler Energy Limited, part of
its Global Engineering and Construction Group, has been awarded a
front-end engineering design (FEED) contract by BP Exploration (El
Djazair) Limited on behalf of the In Salah Gas Joint Venture for
the Southern Fields Development Project in Algeria. The Foster
Wheeler contact value for this project was not disclosed, and will
be included in the company�s fourth-quarter 2008 bookings. In Salah
Gas (ISG), the largest dry gas joint-venture development in the
country, involves the development of seven proven gas fields in the
southern Sahara, 1,200 km south of Algiers. On-stream since July
2004, ISG produces approximately nine billion cubic meters of gas
per year from three northern fields. It is also the world�s first
full-scale carbon dioxide capture project at an onshore gas field.
The ISG venture is run as an Association between Sonatrach, BP and
StatoilHydro. The objective of the In Salah Southern Gas Fields
Development Project, the second phase of the ISG development, is to
maintain gas production at plateau levels when production from the
three northern fields goes into decline. It involves the
development of the four fields to the south of the current
development, Garet el Befinat, Hassi Moumene, In Salah and Gour
Mahmoud, located around the town of In Salah in the Walia of
Tamanrasset. Foster Wheeler will update the basis of design,
develop the technical data, specifications and requisitions and
provide a detailed cost estimate in order to define the
engineering, procurement and construction (EPC) scope of work. �One
of our key strengths is the design and execution of large,
technically complex projects in challenging environments, so we are
delighted to have been selected by In Salah Gas for the second
phase of this significant development,� said Michael J. Beaumont,
chairman and chief executive officer, Foster Wheeler Energy
Limited. �The Foster Wheeler team will bring together its
specialist expertise in gas field development, pipelines, and the
execution of major projects to deliver a high quality FEED which
meets schedule and plant availability objectives, while also taking
full account of the environmental and social sensitivities of
development in proximity to the local In Salah community.� 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 Global 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 was 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 the Company or where
equipment or services are or may be provided by the Company,
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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