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HAMILTON, Bermuda--(BUSINESS WIRE)--March 5, 2007--Foster Wheeler
Ltd. (Nasdaq: FWLT) is pleased to announce that its Spanish
subsidiary, Foster Wheeler Iberia, S.A.U., part of its Global
Engineering and Construction Group, has been awarded a contract by
Compania Espanola de Petroleos, S.A. (CEPSA), one of the main Spanish
refining companies, for the detailed engineering of new crude, vacuum
and gas recovery units at La Rabida Refinery in Huelva, Spain. This
refinery expansion is part of an investment by CEPSA that is aimed at
meeting growing demand in Europe for middle distillates such as diesel
fuel and kerosene. This latest award follows the successful completion
of the front-end engineering design (FEED) for these units by Foster
Wheeler Iberia.
The Foster Wheeler contract value was not disclosed. The project
will be included in the company's first-quarter 2007 bookings.
"We are proud to receive this award for the next phase of CEPSA's
investment at La Rabida, which further extends our excellent 35-year
relationship with this client," said Jesus Cadenas, managing director
and chief executive officer of Foster Wheeler Iberia. "We have
in-depth refining expertise and have a strong and proven track record
in crude, vacuum, and gas recovery units."
The crude distillation unit will have a capacity of 90,000 barrels
per stream day (BPSD), the vacuum distillation unit capacity will be
30,500 barrels per stream day (BPSD) and the capacity of the gas
concentration unit will be approximately 148 tons per hour. Mechanical
completion of the new facility is expected during the last quarter of
2009.
Notes to Editors:
1. Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering, construction,
manufacturing, project development and management, research and plant
operation services. Foster Wheeler serves the refining, oil and gas,
petrochemical, 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
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
Italy
Cristiana Monti, +39 02 4486 2135
cristiana_monti@fwceu.com
or
Spain
Nicole Veron, +34 91 336 2712
nicole_veron@fwiberia.fwc.com
or
Other Inquiries: 908-730-4000
www.fwc.com
SOURCE: Foster Wheeler Ltd.
