Foster Wheeler Awarded EPCm Contract by Engen in South Africa
August 23 2011 - 7:30AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that a
subsidiary of its Global Engineering and Construction Group has
been awarded a contract by Engen Petroleum Limited (Engen) for
engineering, procurement and construction management (EPCm)
services for Engen’s new multi-products pipeline feeder lines and
infrastructure project at Engen’s Durban Refinery in South
Africa.
The Foster Wheeler contract value for this project was not
disclosed and was included in the company’s second-quarter 2011
bookings.
The objective of this project is to develop the pipeline network
from Engen’s depots to tie in to the Transnet pipeline in order to
enhance Engen’s access to key refined product markets in the South
African interior. Transnet is the principal operator of South
Africa's fuel pipeline system.
“We are pleased that Engen has selected Foster Wheeler for this
project, our largest win with Engen to date,” said Umberto della
Sala, Interim Chief Executive Officer, Foster Wheeler AG. “This win
reflects Engen’s confidence in our EPCm project execution
capability and track record in South Africa, which is a market in
which we plan to continue to grow, leveraging our strong execution
center in the country.”
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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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
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cautions that a variety of factors, including but not limited to
the factors described in the Company’s most recent Annual Report on
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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 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
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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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