Foster Wheeler Receives Contract - Analyst Blog
June 01 2011 - 1:58PM
Zacks
Global Power Group, a subsidiary of Foster Wheeler
AG (FWLT), received a limited notice to proceed (LNTP)
from Hyundai Engineering and Construction. The notice is for the
design and supply of four supercritical circulating fluidized-bed
(CFB) steam generators for the Samcheok Green Power project. The
project is owned by Korea Southern Power Co., Ltd. (KOSPO). The
terms of agreement were not disclosed.
The company will record the value of the LNTP in its
second-quarter 2011 bookings. The full notice of the contract is
expected to be received in June. With the finalization of the
contract, full value will be booked. In the beginning of June 2015,
commercial operation of the new steam generators were planned.
The Samcheok Green Power project will receive four 550 MWe
(gross megawatt electric) supercritical CFB steam generators, which
are designed and provided by Foster Wheeler. The company will also
provide site advisory and commissioning services for the project.
The CFB steam generators are intended to burn coal mixed with
biomass while meeting all environmental regulatory
requirements.
The planned CFB steam generators will help Korea to move into a
new period of green power generation. The new generators as
compared with the conventional ones are more efficient, decreasing
emission level while consuming lesser fuel.
Foster Wheeler AG is based in Zug Switzerland, but its
operational headquarters are in Clinton NJ USA. The majority of
Foster’s revenues and new businesses originate from outside the
United States.
The company serves the following industries: Oil and Gas; Oil
Refining; Chemical & Petrochemical; Pharmaceutical;
Environmental; Power Generation; and Power Plant Operation and
Maintenance. Major competitors of Foster Wheeler are Fluor
Corporation (FLR) and Jacobs Engineering Group
Inc. (JEC).
We continue to maintain a Neutral rating on Foster Wheeler, with
a Zacks #4 Rank (Sell recommendation) over the next one-to-three
months.
FLUOR CORP-NEW (FLR): Free Stock Analysis Report
FOSTER WHELR AG (FWLT): Free Stock Analysis Report
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