Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global
Engineering and Construction Group has signed a global Enterprise
Framework Agreement (EFA) with Shell Global Solutions International B.V.
(“Shell”).
Under this agreement, Shell may request Foster Wheeler to provide
support in the preparation of basic engineering packages for the
following Shell technologies: distillation, hydrocracking,
hydrotreating, thermal conversion, ethylene oxide, pyrolysis gas, fluid
catalytic cracking and CANSOLV sulfur dioxide scrubbing.
The agreement is for a five-year period, with an option for Shell and
Foster Wheeler to agree to extend the agreement for another five years.
Foster Wheeler will record bookings as work orders are received from
Shell.
Foster Wheeler already has in place a five-year Asian Enterprise
Framework Agreement initiated last year with Shell under which Foster
Wheeler is providing engineering and project management services for
Shell downstream and midstream projects in Asia and elsewhere.
“We are already working with Shell on a diverse portfolio of their
planned investments under the Asian Enterprise Framework Agreement, both
within Asia and elsewhere, and we are very pleased to have signed a
second EFA under which we will provide additional global support to
Shell, this time in the development of technology packages,” said
Umberto della Sala, President and Chief Operating Officer, Foster
Wheeler AG. “It is a key strategic objective of Foster Wheeler to
develop and extend long-term relationships with our clients to leverage
our technical expertise, global reach and local project delivery to
support their global investment plans.”
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 12,000
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, mining 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 Geneva, Switzerland. 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, which was 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; the benefits, effects or
results of our strategic renewal initiative; further deterioration in
global economic condition; changes in investment by the oil and gas, oil
refining, chemical/petrochemical and power generation industries;
changes in the financial condition of our customers; changes in
regulatory environments; 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, 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 its patents and other intellectual
property rights; increasing global competition; compliance with debt
covenants; recoverability of claims against customers and others by the
Company and claims by third parties against the Company; and changes in
estimates used in our 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 the Securities and Exchange Commission.