Foster Wheeler Wins Basic Design and Feed Contract for Two Grassroots Refineries in Brazil
December 13 2010 - 8:15AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global
Engineering and Construction Group has been awarded a basic
engineering design and front-end engineering design (FEED) contract
for two grassroots refineries in Brazil for Petróleo Brasileiro
S.A., (Petrobras). The Premium I Refinery will be a dual train,
600,000 barrels per stream day (BPSD) facility in Maranhao State,
and the Premium II Refinery will be a single-train 300,000 BPSD
facility in Ceara State. Foster Wheeler will be the prime
subcontractor to Honeywell’s UOP, the managing process technology
licensor.
The value of the contract was not disclosed. The award will be
included in Foster Wheeler’s fourth-quarter 2010 bookings.
The contract calls for the provision of basic design and FEED
for the main process units and auxiliary units. Each of the three
refinery trains will consist of a crude vacuum distillation unit, a
four--drum delayed coker based on Foster Wheeler’s SYDEC℠
technology, a hydrocracker, a distillate hydrotreater, a naphtha
hydrotreater based on UOP technology, a hydrogen unit based on
Foster Wheeler’s hydrogen production technology, a sour water
stripper and amine regeneration and a sulfur recovery unit. Both
refineries will be designed to produce diesel.
“We are excited to work with UOP as the prime subcontractor for
these strategically important projects in Brazil,” said Umberto
della Sala, chief executive officer of Foster Wheeler AG. “This
very large award reflects our position in and commitment to Brazil
and our world-class refinery expertise. The award also demonstrates
our ability to provide a high level of local content through our
own subcontractors or affiliates, a requirement that is becoming
increasingly common in the fastest-growing regions of the world.
Establishing a strong presence in Brazil on a major project for
Petrobras is a significant milestone for Foster Wheeler.”
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; the search for a
permanent Chief Executive Officer; 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
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 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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