Foster Wheeler Awarded Contract for Two Heat Recovery Steam Generators in Hungary
January 05 2012 - 7:30AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has been given a limited
notice to proceed (LNTP) for the design and supply of two heat
recovery steam generators (HRSGs) to Técnicas Reunidas, S.A.
(TRSA).
The terms of the agreement were not disclosed, and the value of
the LNTP will be included in the company’s fourth-quarter 2011
bookings. Foster Wheeler expects to finalize the contract and to
receive full notice to proceed in the second quarter of 2012 at
which time the full value of the contract would be booked.
The HRSGs will be installed in a combined cycle power plant that
TRSA will build near Budapest, Hungary. The plant will be owned by
CM European Power International (a joint venture between Czech
Republic utility company CEZ and Hungarian oil & gas company
MOL).
Foster Wheeler will design, supply and provide advisory services
for erection and start-up of two HRSGs, which will be coupled to
two Siemens combustion turbines model SGT5-4000F, with a total
installed capacity of 860 MWe (gross megawatt electric). Delivery
of the HRSGs is scheduled for mid-2013.
“This award clearly demonstrates Foster Wheeler’s
state-of-the-art design and competitiveness in the large-size heat
recovery steam generators market,” said Jesús Martí Sanz, Chief
Executive Officer of Foster Wheeler Energia, S.L. in Madrid. “Our
value-added solution together with our global sourcing and
flexibility to match our customer´s needs were the key factors
behind this award.”
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
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
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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,
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Company, and changes in estimates used in its critical accounting
policies. Other factors and assumptions not identified above were
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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
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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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