Foster Wheeler Awarded EPCm Contract for BP Exploration’s Enhanced Gas Separation Project in Scotland
December 21 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 an engineering, procurement and construction
management contract by BP Exploration Operating Company Limited for
BP Exploration’s Enhanced Gas Separation Project (EGSP) in
Scotland.
The Foster Wheeler contract value for the project was not
disclosed. Interim releases of work were included in the company’s
first-, second- and third-quarter 2011 bookings. The main release
of EPCm work will be included in the fourth-quarter 2011
bookings.
The project, for which Foster Wheeler has already successfully
completed the pre-front-end design (pre-FEED) and FEED, relates to
the debottlenecking of the Forties Pipeline System (FPS) crude
degasification facilities at BP Exploration’s Kinneil terminal to
allow it to handle high gas-to-oil ratio unstabilized crude oils
and natural gas liquids (NGLs). The debottlenecking will involve
modifications to the existing plant, including improvements to
heater and process control systems, as well as new facilities,
including crude coolers and a cooling water system. The project is
expected to be completed in 2013.
The FPS is an integrated oil and gas liquid transportation and
processing system, serving both UK and Norwegian sectors of the
central and northern North Sea. BP Exploration has stated that the
system has a nominal capacity in excess of one million barrels per
day and carries around 40 percent of the UK’s oil production. Oil
and gas liquids are transported into the system through pipelines
from over 30 offshore fields and the St. Fergus gas terminal.
Foster Wheeler has worked closely with BP throughout the design
phase and has also supported BP when presenting the project status
to other oil companies who are participants in the Forties Pipeline
System.
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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statements that are based on management’s assumptions, expectations
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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
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 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,
terrorist attacks and/or natural disasters affecting 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
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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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