Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of
its Global Power Group has been awarded a contract by Turun Seudun
Energiantuotanto Oy (TSE) for the design, supply and erection of a
retrofit-selective catalytic reduction (SCR) system for TSE’s Naantali
unit 3 in Finland.
Foster Wheeler has received a full notice to proceed on this contract.
The terms of the agreement were not disclosed, and the contract value
will be included in the company’s bookings for the second-quarter of
2014. Commercial operation of the SCR system is scheduled for October
2015.
Foster Wheeler will design, supply, erect and commission the selective
catalytic NOx reduction system for the Naantali 125 MWe pulverized coal
fired boiler (unit 3). The supply includes a new SCR reactor with
catalyst and steel structures, ammonia water storing and feeding system,
flue gas ducts and new ID-fans.
“This retrofit-SCR project awarded in Europe is indicative of Foster
Wheeler’s competitiveness in environmental technology in the region,”
said Tomas Harju-Jeanty, Chief Executive Officer of Foster Wheeler
Energia Oy Group. “Due to the significant economic benefit of using coal
for power generation, clients are choosing Foster Wheeler to provide
high value solutions to improve their plants’ environmental performance.”
“TSE-Naantali Oy has made a decision to continue the operation of
Naantali unit 3 in parallel with the new Naantali unit 4 combined heat
and power plant,” said Tapani Bastman, Chief Executive Officer of
TSE-Naantali Oy. “Due to the new emission directive, an effective and
reliable DeNOx system is needed to reach the new demanding emission
level. This is a considerable investment for air pollution prevention.”
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 website 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 for the year ended December 31, 2013, which
was filed with the U.S. Securities and Exchange Commission on February
27, 2014, and the following, could cause the Company’s business
conditions and results to differ materially from what is contained in
forward-looking statements including: the timing and success of the
proposed offer and acquisition of the Company by AMEC plc, the risk that
the Company’s business will be adversely impacted during the pending
proposed offer and acquisition of the Company by AMEC plc, benefits,
effects or results of the Company’s redomestication to Switzerland,
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 with or furnished to the Securities and Exchange
Commission.
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