Foster Wheeler to Supply Circulating Fluidized-Bed Boilers to SINOPEC in the People's Republic of China.HAMILTON, Bermuda -- Foster Wheeler Ltd. (Nasdaq:FWLT) announced today that subsidiaries of its Global Power Group have been awarded a contract for two circulating fluidized-bed (CFB CFB Canadian Forces Base ) steam generators A steam generator is a device used to boil water to create steam. It may refer to:
Guangdong, Kwangtung , People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. This CFB project is part of SINOPEC's continuing program of refinery expansion. The contract for the engineering and supply of two 120 MW CFB steam generators is valued in excess of $25 million and will be included in Foster Wheeler's first-quarter 2006 bookings. "With this award, SINOPEC confirms its continued confidence in Foster Wheeler's highly reliable CFB design," said Bernard H. Cherry, chief executive officer of Foster Wheeler Global Power Group. "These units will be the thirteenth and fourteenth we have designed and supplied for SINOPEC facilities, clearly demonstrating the value of excellent performance in generating repeat business." The coal- and coke-fired CFBs will be designed by Foster Wheeler International Engineering & Consulting (Shanghai) Company Limited and manufactured by Foster Wheeler Power Machinery Company Limited at its state-of-the-art facility in Xinhui, China. The boilers, which will be similar in design to the Foster Wheeler CFBs installed at SINOPEC's Maoming and Zhenhai facilities, are expected to be operational in 2007. Notes to Editors: 1. Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG LNG (liquefied natural gas): see under natural gas. and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey
Clinton is a Town in Hunterdon County, New Jersey on the South Branch of the Raritan River. As of the United States 2000 Census, the town population was 2,632. , USA. For more information about Foster Wheeler, visit our Web site at www.fwc.com. 2. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 our expectations regarding revenues (including as expressed by our backlog), liquidity, the outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. 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 the heading "Business--Risk Factors of the Business" in the Company's most recent annual report on Form 10-K/A 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other major international economies, changes in investment by the power, oil and gas, pharmaceutical, chemical/petrochemical and environmental industries, changes in the financial condition of 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, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, outcomes of pending and future litigation, including litigation regarding our liability for damages and insurance coverage for asbestos exposure, protection and validity of patents and other intellectual property rights, increasing competition by foreign and domestic companies, compliance with debt covenants, recoverability of claims against customers and others, and changes in estimates used in 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 our control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us. |
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