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HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 28, 2007--Foster Wheeler
Ltd. (Nasdaq: FWLT) announced that its UK and Nigerian subsidiaries,
Foster Wheeler Energy Limited and Foster Wheeler (Nigeria) Limited,
which are both part of its Global Engineering and Construction Group,
in a joint venture with Chiyoda Corporation have been awarded a
contract by Nigeria LNG Limited (NLNG) for the Project Specification,
or front-end engineering design, for the SevenPlus project. The
SevenPlus project involves the construction of two new natural gas
liquefaction trains, each producing 8.5 million metric tonnes of LNG
per annum, at NLNG's Bonny Island LNG complex in Nigeria. On
completion, these will be the two largest LNG trains in the world.
NLNG is a partnership of the Nigerian National Petroleum Company
(NNPC), Shell, Total and ENI.
The terms of the contract were not disclosed, and the award was
included in Foster Wheeler's fourth-quarter 2006 bookings.
Foster Wheeler and its joint venture partner will produce a
project specification package, which will form the basis for an
invitation to bid for an engineering, procurement and construction
contract.
"Foster Wheeler is proud to be leading this joint venture," said
Steve Davies, chairman and chief executive officer, Foster Wheeler
Energy Limited. "This award demonstrates NLNG's confidence in the
quality and experience of our technical experts and our LNG track
record. We are committed to working with NLNG to meet its objectives
including safety, quality, cost, schedule and local content."
"We welcome Foster Wheeler's leadership in our plans to design and
build the world's two largest LNG trains in Nigeria," commented
Chinasa Ego-Osuala, expansion co-ordinator, Nigeria LNG Limited.
"Foster Wheeler has over 30 years' experience in Nigeria and brings
substantial LNG liquefaction expertise from other LNG projects in
Australia, the Middle East and the Far East."
Notes to Editors:
1. 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 refining, upstream oil
and gas,
LNG and gas-to-liquids, petrochemicals, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries. The
corporation is based in Hamilton, Bermuda, and its operational
headquarters are in Clinton, New Jersey, USA. For more information
about Foster Wheeler, visit our Web site at http://www.fwc.com.
2. Safe Harbor Statement
This press release may contain forward-looking statements that are
based on the Company's assumptions, expectations and projections about
Foster Wheeler and the various industries within which it operates.
These include statements regarding the Company's expectation 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 under Part I, Item
1A. "Risk Factors" in its most recent annual report on Form 10-K,
could cause 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 the Company's customers; changes in regulatory
environment; changes in project design or schedules; contract
cancellations; changes in the Company's estimates of costs to complete
projects; changes in trade, monetary and fiscal policies worldwide;
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 the Company's
patents and other intellectual property rights; increasing competition
by foreign and domestic companies; compliance with the Company's debt
covenants; recoverability of claims against the Company's customers
and others by the Company and claims by third parties against the
Company; and changes in estimates used in the Company's 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.
Foster Wheeler 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.
Media:
United States:
Maureen Bingert, 908-730-4444
maureen_bingert@fwc.com
or
United Kingdom:
Anne Chong, +44 (0)118 913 2106
anne_chong@fwuk.fwc.com
or
Other Inquiries:
908-730-4000
fw@fwc.com
SOURCE: Foster Wheeler Ltd.
