ZUG, SWITZERLAND - BUSINESS WIRE - February 26, 2010
-- Foster Wheeler AG (
Nasdaq: FWLT) announced today that a subsidiary
of its Global Power Group has been awarded a contract by Sinopec
Jiujiang Company for the design and supply of two circulating
fluidized-bed (CFB) steam generators for the Sinopec Jiujiang Fuel
Alteration Project located in Jiangxi province in south central China.
Foster
Wheeler has received a full notice to proceed on this contract. The
terms of the agreement were not disclosed and the contract value will
be included in the company's first quarter 2010 bookings. Commercial
operation of the new steam generators is scheduled for first-quarter
2012.
Foster Wheeler will design and supply the two 50 MWe
(gross megawatt electric) CFB steam generators and auxiliary equipment
and provide site advisory services for the project. The CFB steam
generators will be designed to burn coal and petcoke in a manner that
will meet China's increasingly stringent environmental requirements.
Foster
Wheeler's Global Power Group has served the Chinese market for more
than 20 years, providing clients there with over 40 CFB steam
generators, 23 of which were sold to Sinopec.
"The reliability
and quality of Foster Wheeler's CFB boiler combined with the ability to
cleanly burn a wide variety of fuels were key factors in the selection
of Foster Wheeler for the Jiujiang CFB project," said Byron Roth, chief
executive officer of Foster Wheeler Power Group Asia.
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 13,000
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, 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 http://www.fwc.com.
Safe Harbor StatementFoster
Wheeler AG news releases may contain forward-looking statements that
are based on management's assumptions, expectations 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; further deterioration in the
economic conditions in the United States and other major international
economies, 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 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
competition by non-U.S. and U.S. companies, 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 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.
Source: Foster Wheeler AG
Foster Wheeler AGMediaMaureen Bingert, 908 730 4444
maureen_bingert@fwc.comor
Jan Rogers, 908 713 3288
jan_rogers@fwc.comor
Investor RelationsScott Lamb, 908 730 4155
scott_lamb@fwc.comor
Other Inquiries908 730 4000
www.fwc.com/GlobalPowerGroup