Foster Wheeler Signs License Agreement for Advanced Pulverized-Coal Technology in India
September 16 2010 - 8:15AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has entered into a 20-year
agreement with The Saraswati Industrial Syndicate Ltd., to provide
an advanced technology license for wall-fired subcritical and
supercritical pulverized-coal (PC) steam generators to be sold in
India.
The terms of the agreement were not disclosed. The contract
value will be included in the company’s third quarter 2010 bookings
and future royalty payments will be recorded over the life of the
agreement.
Under a separate existing agreement, Foster Wheeler and
Saraswati have successfully sold and executed 34 circulating
fluidized-bed steam generators in India totalling approximately 1.5
GWe since 1997.
“By providing Foster Wheeler with full access to the
fast-growing power market in India, this agreement with Saraswati
will jointly serve the full domestic power market in India and
represents a major step forward in our strategy to steadily expand
our global presence,” said David J. Parham, executive vice
president of Global Sales and Marketing, Foster Wheeler Global
Power Group. “As India’s need for electric power continues to
increase, the Foster Wheeler-Saraswati team will be ideally placed
to add value by providing the Indian power generators with
high-quality advanced technology to meet their growing power
production needs.”
“This is a great moment for Saraswati. Our license agreement
with Foster Wheeler will not only bring us the latest technology
for subcritical and supercritical boilers but also the best
manufacturing and project management practices,” said Mr. Ranjit
Puri, Chairman of Saraswati.
Foster Wheeler AG is a global engineering and construction
contractor and power equipment supplier delivering technically
advanced, reliable facilities and equipment. The company employs
approximately 13,000 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 office is in Geneva, Switzerland. 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
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 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 or the relocation of our principal
executive offices to Geneva, Switzerland; 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 generation
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
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or where equipment or services are or may be provided by the
Company, interruptions to shipping lanes or other methods of
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insurance coverage for asbestos exposure, protection and validity
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competition by non-U.S. and U.S. 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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