ZUG, SWITZERLAND - (BUSINESS WIRE) - February 08, 2010
-- Foster Wheeler AG (
Nasdaq: FWLT) announced today that a subsidiary
of its Global Engineering and Construction Group has been awarded a
contract to provide project management consultancy (PMC) services to
Singapore LNG Corporation Pte Ltd ( SLNG ), a fully owned subsidiary of
the Energy Market Authority of Singapore, in support of the development
of the LNG terminal to be located on the southwestern part of Jurong
Island, Singapore.
SLNG owns and oversees the LNG terminal's
development. The terminal, which will have an initial capacity of 3.5
million tonnes per annum (Mtpa), with provisions for expansion to 6
Mtpa, is targeted to be ready for start-up in 2013.
The terms
of the contract were not disclosed, and the contract value will be
included in Foster Wheeler's first-quarter 2010 bookings.
SLNG
and Foster Wheeler will jointly manage the engineering, procurement and
construction (EPC) contractor through an "Integrated Project Management
Team" approach, which will allow SLNG to be fully involved in the
management of the design and construction activities.
"Foster
Wheeler is a worldwide engineering company and has an excellent
reputation in the energy sector. We are combining the strengths of SLNG
and Foster Wheeler to take on the complex task of managing the EPC
contract through to completion. Through this seamless and integrated
approach, we will work towards the timely start-up of the LNG
terminal," said Neil McGregor, SLNG's executive director.
"We
are delighted to have been selected as Project Management Consultant
for this prestigious project," said Franco Anselmi, chief executive
officer of Foster Wheeler Asia Pacific. "This project, Singapore's
first LNG terminal, is of major importance as it will help ensure the
security of Singapore's energy future. We look forward to working with
SLNG, drawing upon our extensive project experience in Singapore and
our considerable global technical expertise in LNG."
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 14,000
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.
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, 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 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
Contact:Foster Wheeler AG
Media:United StatesMaureen Bingert, 908-730-4444
maureen_bingert@fwc.comor
SingaporeSharlene Kee, +65 650 18205
sharlene_kee@fwuk.fwc.comor
Investor Relations:Scott Lamb, 908-730-4155
scott_lamb@fwc.comor
Other Inquiries:908-730-4000
fw@fwc.com