HAMILTON, Bermuda--(Business Wire)--Foster Wheeler Ltd. (Nasdaq: FWLT) announced that the joint
venture led by a subsidiary of its Global Engineering and Construction
Group has been awarded an engineering, procurement, and construction
management (EPCm) contract by Woodside Burrup Pty Ltd for the onshore
portion of Woodside's Pluto Liquefied Natural Gas (LNG) Project in
Western Australia. Foster Wheeler's joint venture partner for the
project is WorleyParsons Services Pty Ltd.
The contract value was not disclosed and the project will be
included in the company's fourth-quarter 2007 bookings.
The scope of work to be undertaken by the Foster Wheeler-led joint
venture includes a single liquefied natural gas production train with
forecast production of 4.3 million tonnes of LNG per year, a
fractionation unit, an acid gas recovery unit, gas purification units,
tankage storage facilities, a boil-off gas compressor, loading berths,
gas turbine power generation units and utilities. LNG production is
scheduled to start at the end of 2010.
"We are delighted to be once again selected to play a pivotal
ongoing role in Woodside's strategic objective of expanding its
world-scale LNG operations," said Umberto della Sala, president and
chief operating officer of Foster Wheeler Ltd. "We have used our
extensive technical experience and knowledge of the global LNG
industry and the Western Australian labor market to develop an
execution strategy in line with Woodside's pace-setting schedule for
Pluto."
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
corporation 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.
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
Copyright Business Wire 2007
