Foster Wheeler Wins Major Refinery Upgrade Contract in Colombia
November 14 2008 - 8:55AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that two of its
subsidiaries, Foster Wheeler USA Corporation and Process
Consultants, Inc., part of its Global Engineering and Construction
Group, has been awarded a front-end engineering design (FEED) and
project management consultancy (PMC) contract by Ecopetrol S.A. for
the Barrancabermeja Refinery Upgrade Project in Colombia. Foster
Wheeler will include the FEED award, approximately 30 percent of
the total contract value, in its fourth-quarter 2008 bookings. The
full PMC scope will not be booked until the project is approved to
proceed into the engineering, procurement and construction phase.
The project will increase refining capacity from 250,000 barrels
per stream day (BPSD) to 300,000 BPSD, add heavy crude processing
capability, and provide a processing configuration to meet the
projected 2013 Colombian clean fuels product specifications. The
scope includes the following new units: a crude unit, delayed
coker, hydrocracker unit, coker naphtha hydrotreating unit,
hydrogen unit, sour water strippers, amine regeneration unit, and
sulfur recovery unit, plus associated utilities and offsite units.
The project will also include revamps to the diesel hydrotreater,
gasoline hydrotreater and dismantling of two existing atmospheric
and vacuum distillation units. In addition, the contract includes
the procurement of long-lead items. �Foster Wheeler is pleased to
be working with Ecopetrol on this major upgrade,� said Troy Roder,
chief executive officer of Foster Wheeler USA Corporation. �This
award demonstrates Ecopetrol�s confidence in the quality of our
team, our in-depth refinery expertise, and our ability to execute
large, complex projects. We look forward to building an excellent
working relationship with our client�s project team.� �Foster
Wheeler has developed an innovative project execution strategy to
expand our refining productivity in line with our strategic
objectives,� said Jose J. Pinto, the client�s Refining and
Petrochemical Project Manager. 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 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 claims 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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