Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its
Global Engineering and Construction Group has been awarded a contract by
Wood Mackenzie Limited to provide consultancy services for two projects
in Peru, namely, the Energy Security and South Pipeline Project and the
Energy Node in South Peru Project.
The Foster Wheeler contract value was not disclosed and was included in
the company’s second-quarter 2013 bookings.
Foster Wheeler will develop the design and cost estimates for both
planned investments. Foster Wheeler’s scope of work is expected to be
completed in the fourth-quarter of 2013.
The principal stakeholders involved in these two projects are
ProInversion, the Peruvian Government Agency responsible for promoting
private investments and for the awarding process of these two projects –
and the Ministry of Energy and Mines, as the governing body of the
energy and mines sector. Wood Mackenzie has been contracted by
ProInversion to promote private investment in infrastructure to
strengthen the energy security of the country, to decentralize the power
generation from the central area of the country and to promote the
development of a petrochemical complex in the south of Peru as part of
the Peruvian Government’s diversification initiative.
The Energy Security and South Pipeline Project will involve the
development of pipelines to support the existing natural gas and natural
gas liquids transportation system from Las Malvinas to the Chiquintirca
compression station, and the development of the southern pipeline from
the existing natural gas transportation system to the south coast.
The Energy Node in South Peru Project will involve the development of
thermoelectric power generation plants with a capacity up to 2,000
megawatts to promote the development of an energy center and
petrochemical complex in the south of the country.
“Both projects leverage our technical expertise in geographical
information systems, pipelines and power plant design,” said Umberto
della Sala, President and Chief Operating Officer of Foster Wheeler AG.
“We will evaluate options for the proposed gas transportation
infrastructure and routing, as well as power plant configuration and
location, to accommodate the challenging Peruvian geography and to
optimize the implementation schedule for the projects.”
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.
Copyright Business Wire 2013