 | |||||||||||||||||||
|
| ||||||||||||||||||
News Release
 View printer-friendly version |
| << Back |
| Foster Wheeler Awarded Contract for Biomass CFB Steam Generator in Belgium |
|
HAMILTON, Bermuda--(BUSINESS WIRE)--July 24, 2008--Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Finnish subsidiary Foster Wheeler Energia Oy, part of its Global Power Group, has been awarded a contract by Prokon Nord Energiesysteme GmbH for a 26 MWe (gross megawatt electric) circulating fluidized-bed (CFB) steam generator to be located in Oostrozebeke, Belgium. The new biomass-fired CFB will be owned by A&S Energy, a partnership between the renewable power company, Aspiravi, and the wood products manufacturing firm Spano, which operates a facility in Oostrozebeke and which will be responsible for the supply of non-recyclable wood residue to be used as fuel. The electricity produced will be sold to the local grid. Foster Wheeler has received a full notice to proceed on this contract. The terms of the award were not disclosed, and the contract will be included in the company's bookings for the second quarter of 2008. This will be the fourth CFB steam generator that Foster Wheeler has provided to Prokon Nord in the past five years. Foster Wheeler CFBs are currently operating in Prokon Nord projects in the German cities of Papenburg, Hamburg and Emlichheim. Foster Wheeler will design and supply the steam generator and auxiliary equipment. Commercial operation of the new boiler is scheduled for the autumn of 2010. "Foster Wheeler's CFB technology provides environmentally friendly fuel flexibility for demolition wood fired plants, such as this," said Tomas Harju-Jeanty, president and chief executive officer of Foster Wheeler Energia Oy. "The proven design of this fourth CFB to Prokon Nord reflects the success of Foster Wheeler's previous deliveries to the green energy power market." Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The company is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at www.fwc.com. Safe Harbor Statement Foster Wheeler 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 regarding 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 Part II, Item 1A "Risk Factors" of the Company's most recent quarterly report on Form 10-Q and the following, could cause the Company's business conditions and results to differ materially from what is contained in forward-looking statements: changes in the rate of economic growth 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 environment, 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 our global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, interruptions to shipping lanes or other methods of transport, 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 foreign and domestic 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.
CONTACT: Foster Wheeler Ltd. |
