Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of
its Global Engineering and Construction Group has been awarded a project
management contract by Cardon IV S.A., for new production facilities for
the Perla Field in the Gulf of Venezuela. Cardon IV S.A. is a joint
venture company owned by Eni Venezuela B.V and Repsol YPF Venezuela Gas,
S.A.
The value of the contract was not disclosed. The award will be included
in the company's second-quarter 2013 bookings.
The new production facilities will be comprised of offshore structures,
trees, controls, offshore processing, subsea flowlines, export
pipelines, the shore approach and utilities facilities from the
wellheads to an onshore gas plant, and tie-in to an existing gas and
condensate pipeline system. First gas is planned at the end of 2014.
Foster Wheeler will supervise the engineering, procurement and
construction contractors and the procurement of long-lead equipment. The
company’s scope of work requires supervision activities to be carried
out in engineering centers in Houston, Madrid, London, and Rijeka,
Croatia, and in more than 15 countries for fabrication and construction
of equipment and materials at module and jacket fabrication yards and
for site installation.
“We are delighted that Cardon IV has selected Upstream's Houston-based
team for this project, and we look forward to continuing to deliver a
high-quality service which fully satisfies our client,” said Hal Ankrum,
Chief Executive Officer, Foster Wheeler Upstream. “We have built a
strong working relationship with Cardon IV since we started work on the
conceptual engineering in 2010, and then completed the front-end
engineering design. During these three years we have provided the client
with high-quality people and deliverables, and this latest award
reflects Cardon IV’s continuing confidence in our Upstream team.”
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, 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, 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.
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