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HAMILTON, Bermuda--(BUSINESS WIRE)--March 13, 2006--Foster Wheeler
Ltd. (Nasdaq: FWLT) announced today that Milan-based Foster Wheeler
Italiana S.p.A., part of its Global Engineering and Construction
Group, has been awarded an engineering, procurement and construction
supervision contract by The Kuwait Olefins Company (K.S.C.C.),
("TKOC") for a grassroots ethylene-glycol unit (EG2 Project) to be
built at Shuaiba Industrial Area, Kuwait. TKOC is a joint-venture
company with the majority shareholders being Petrochemical Industries
Company (K.S.C.), ("PIC") a wholly owned subsidiary of Kuwait
Petroleum Corporation, and Dow Europe Holding B.V., a wholly owned
subsidiary of The Dow Chemical Company.
The terms of the award were not disclosed and the contract will be
included in Foster Wheeler's first-quarter 2006 bookings.
The new world-scale EG2 unit, with a total capacity of 600,000
metric tonnes per year, is part of TKOC's planned Olefins II ethylene
and derivatives complex. It will use Union Carbide's METEOR(TM)
ethylene oxide/ethylene glycol process technology. It is scheduled to
be completed by the second quarter of 2008.
"We successfully completed a 340,000 metric tonnes per year
ethylene glycol plant, part of the EQUATE I project, at the same
location during the late 1990s," said Umberto della Sala, chief
executive officer, Foster Wheeler Global Engineering and Construction
Group. "With this important award, we are very proud to be able to
include The Kuwait Olefins Company among our repeat clients and we
intend to deliver the same excellent performance for the EG2 Project."
"The award of this contract builds on the success of the EQUATE I
Project," said Saad Al Shuwaib, chairman and managing director, PIC.
"We are committed to building, with the help of Foster Wheeler, one of
the safest and most efficient ethylene glycol plants in the world."
Notes to Editors:
1. Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and plant
operation services. Foster Wheeler serves the refining, upstream oil
and gas, LNG 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, USA. For more information
about Foster Wheeler, visit our Web site at www.fwc.com.
2. Safe Harbor Statement
This news release contains 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 regarding revenues (including as expressed by its
backlog), 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 under the
heading "Business--Risk Factors of the Business" in the Company's most
recent annual report on Form 10-K 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 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 the company's 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, 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
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 the Securities and
Exchange Commission.
CONTACT: Foster Wheeler Ltd.
United States
Maureen Bingert, 908-730-4444
maureen_bingert@fwc.com
or
Italy
Cristiana Monti, +39 02 4486 2135
cristiana_monti@fwceu.com
or
Other Inquiries, 908-730-4000
fw@fwc.com
SOURCE: Foster Wheeler Ltd.
