Foster Wheeler Wins Two Contracts for Steam Generation Equipment in Saudi Arabia
December 10 2009 - 9:00AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has been awarded two separate
contracts by Tecnicas Reunidas Power of Madrid, Spain. One contract
award is for the design and supply of two heat recovery steam
generators (HRSG). The other contract award is for the design and
supply of two package-type steam generators. The equipment will be
installed at the Manifa Cogeneration and Main Substations Project
in Saudi Arabia by Tecnicas Reunidas for Saudi Aramco.
Foster Wheeler has received a full notice to proceed on these
contracts. The terms of the agreements were not disclosed, and the
contract values were included in the company’s bookings for the
third quarter of 2009.
"This is truly an exciting design and supply opportunity for
Foster Wheeler and we are pleased to jointly work with Tecnicas
Reunidas for this Saudi Aramco Project,” said Eric Svendsen, chief
executive officer of Foster Wheeler Energia, S.A. in Madrid.
Foster Wheeler AG 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 its clients through one of its two primary
business groups. The company’s Global Engineering and 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 Zug, Switzerland, 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.
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Foster Wheeler AG news releases may contain forward-looking
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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 the Company’s most recent Annual Report on
Form 10-K, which was filed with the U.S. Securities and Exchange
Commission and the following, could cause the Company’s business
conditions and results to differ materially from what is contained
in forward-looking statements: benefits, effects or results of the
Company’s redomestication, further deterioration in the economic
conditions 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
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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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