ZUG, Switzerland--(BUSINESS WIRE)--Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Power Group has been awarded a contract by eTEC E&C Limited for the design and supply of a circulating fluidized-bed (CFB) steam generator for the Seagull Cogeneration Plant Project. The project, owned by Gungjang Energy Co., Ltd., an affiliate of eTEC, is located in Gunsan City, South Korea.
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 bookings for the fourth-quarter of 2013. Commercial operation of the new steam generator is scheduled for the middle of 2016.
Foster Wheeler will design and supply the 250 MWe (gross megawatt electric) steam generator including a selective catalytic reduction (SCR) system and provide technical advisory services during erection and commissioning. BHI Co., Ltd., a Foster Wheeler licensee, will provide local fabrication and sourcing to meet eTEC’s challenging delivery schedule. The CFB steam generator will be designed to burn Indonesian sub-bituminous coal while meeting applicable environmental regulatory requirements.
“We are pleased to have our innovative CFB technology selected again for the Korean market, converting economical solid fuels into valuable steam and power,” said Tomas Harju-Jeanty, Chief Executive Officer of Foster Wheeler Power Group Asia. “Our CFB steam generators give plant owners the flexibility to source fuel to take advantage of fuel pricing and market conditions.”
“We are confident with Foster Wheeler’s ability to provide a world-class CFB steam generator for our Seagull Cogeneration Plant which will demonstrate its advanced CFB technology within the Korean market,” said Mr. Woo Sun Lee, Executive Vice President of eTEC E&C. “We look forward to a successfully executed project with Foster Wheeler and BHI.”
Foster Wheeler AG is a global engineering and construction company 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, minerals and metals, 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 Reading, United Kingdom. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.
Safe Harbor Statement
Foster 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 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 which were 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 to Switzerland, benefits, effects or results of the Company’s strategic renewal initiative, further deterioration in global economic conditions, 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, the 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 the Company’s global operations, currency fluctuations, war, terrorist attacks and/or natural disasters affecting 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 the Company’s patents and other intellectual property rights, increasing global competition, compliance with its 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 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 or furnished with to the Securities and Exchange Commission.