Foster Wheeler Awarded Design Contract for a New Refinery in Venezuela
July 05 2011 - 8:15AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that a
subsidiary of its Global Engineering and Construction Group has
been awarded a process design and front-end engineering design
(FEED) services contract by PDVSA for the new Batalla Santa Ines
Refinery Phase I Hydroskimming section to be built in Barinas,
Venezuela.
The terms of the contract were not disclosed. An initial release
of work was included in the company’s first-quarter 2011 bookings.
The majority of the contract value will be included in the
company’s second-quarter 2011 bookings.
Foster Wheeler’s scope of work includes the preparation of the
basic engineering design package, FEED and early procurement
assistance for the crude distillation unit, the naphtha
hydrotreater, the continuous catalytic reformer and the utilities
and offsite facilities. The FEED is scheduled to be completed in
the third quarter of 2011.
“Foster Wheeler is very pleased to have been selected for this
important project, which is another step in its successful working
relationship with PDVSA and follows the award for the major
expansion of the El Palito Refinery in Venezuela,” said Umberto
della Sala, Interim Chief Executive Officer of Foster Wheeler AG.
“This award reflects our in-depth refinery expertise and our strong
position in the important South American market.”
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 Web site at www.fwc.com.
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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 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
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litigation regarding the Company’s liability for damages and
insurance coverage for asbestos exposure, protection and validity
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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
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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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