Foster Wheeler Awarded Contract for Circulating Fluidized-Bed Steam Generator by Yuen Foong Yu Paper
November 04 2008 - 8:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has been awarded a contract by
Yuen Foong Yu Paper Manufacturing Co., Ltd (YFY) for the design and
supply of a circulating fluidized-bed (CFB) steam generator to be
located at its Chiutang Mill in Kaoshiung, Taiwan. This is the
third CFB order awarded to Foster Wheeler by YFY. YFY previously
purchased a CFB boiler for their Yangzhou Mill in China in 2005 and
a CFB boiler for their Hsin Wu Mill in 1988. Foster Wheeler has
received a full notice to proceed on this contract. The terms of
the agreement were not disclosed, and the contract value will be
included in the company�s bookings for the third-quarter of 2008.
The 50 MWe (gross megawatt electric) CFB steam generator is
designed to burn bituminous coal as well as tires and sludge. YFY
has been burning tires and sludge successfully at its existing
Foster Wheeler CFB boiler at Hsin Wu Mill. Construction is expected
to begin in the spring of 2009 with commercial operation scheduled
for 2011. �The ability to burn alternative fuels that would
otherwise go to landfills was paramount in their decision to select
Foster Wheeler as the supplier,� said Byron Roth, chief executive
officer of Foster Wheeler Power Group Asia. �We have a long
relationship with Foster Wheeler via the supply of their CFB
boilers at our facilities,� said C. C. Huang, president of YFY
Co-Generation Company, a subsidiary of YFY. �The units perform very
well and we wanted to continue this relationship with another CFB
in our portfolio at our Chiutang Mill.� 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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