Foster Wheeler Receives National Award in Spain for Repsol Refinery Project
June 06 2011 - 8:32AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that a
subsidiary of its Global Engineering and Construction (E&C)
Group has been awarded the 2010 National Prize of Industrial
Engineering by the Spanish National Society of Professional
Industrial Engineers. Foster Wheeler received the award in the
“Engineering Project” category for its contribution to the Refinery
Expansion Project for Repsol Petróleo S.A. in Cartagena (Murcia),
Spain.
Foster Wheeler is the engineering, procurement and construction
management (EPCm) contractor for the vacuum distillation unit and a
delayed coking complex. The coking complex uses Foster Wheeler’s
leading SYDECSM delayed coking technology. Foster Wheeler’s scope
of work is expected to be completed during the fourth-quarter of
2011.
“Foster Wheeler is honored to receive this prestigious award
from the Spanish National Society of Professional Industrial
Engineers,” said Umberto della Sala, Interim Chief Executive
Officer, Foster Wheeler AG. “I would like to congratulate our
Madrid operation on this award, which demonstrates once again the
success we deliver by combining our project execution capability,
our in-depth refining expertise, and our ability to provide leading
coking technology. We firmly believe that selecting Foster Wheeler
to provide the delayed coking technology, and then to engineer and
construct the coking complex, results in the best possible outcome
for our clients, delivering a high-performing coking complex, built
safely and to the highest standards of quality, reliability and
environmental performance.”
Francisco Javier Cobo, president of the Spanish National Society
of Professional Industrial Engineers, presented the award to Foster
Wheeler, at a ceremony in Madrid, Spain, on May 30, 2011, following
a reception attended by His Royal Highness the Prince of
Asturias.
Foster Wheeler’s SYDECSM process is a flexible thermal
conversion process used by refiners worldwide to upgrade heavy
residue feed and process it into high value transport fuels and
coke products for fuel and metallurgical markets. The SYDECSM
process can be designed to maximize clean liquid yields while
minimizing fuel coke yields, or to achieve other objectives, for
example, to minimize heavy gas oil yields or to produce specific
grades of coke for industrial use. Foster Wheeler is a market
leader in delayed coking and has supplied its process technology
worldwide for over 80 new cokers and has implemented more than 70
delayed coker revamps.
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 12,000 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, mining and metals
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 website 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; the benefits, effects or results
of our strategic renewal initiative; further deterioration in
global economic conditions, 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
global competition, 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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