Foster Wheeler AG

$FWLT - Nasdaq - Engineering / Construction
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Foster Wheeler Awarded SNG Studies by Pecket Energy in Chile

ZUG, Switzerland--(BUSINESS WIRE)-- Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of our Global Engineering and Construction Group has been awarded a contract by Pecket Energy to perform feasibility, conceptual and basic engineering studies, and develop an overall investment cost estimate for a substitute natural gas (SNG) production facility which is planned to be built near Punta Arenas, Chile.

The value of the award was not disclosed and will be included in Foster Wheeler’s first-quarter 2013 bookings.

The main objective of the project is to produce syngas that will be used as a clean feedstock for the production of SNG, which gas is intended to be distributed to the existing grid in the region of Magallanes, Chile for domestic consumption or for industrial purposes.

The new facility intends to include several state-of-the-art units, including air separation, partial oxidation for syngas production, syngas treatment, acid gas removal, methanation and solid sulfur production. Foster Wheeler’s scope of work is expected to be completed by mid-2013.

Pecket Energy is a Chilean company focused on coal-based energy business development. Pecket Energy belongs to ICV, a Chilean company which has been active in mining and infrastructure developments in Chile for more than 50 years.

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, 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 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 the Securities and Exchange Commission.

Media:
United States
Julie Stanisz
+1 908 7304047
julie_stanisz@fwc.com
or
Italy
Cristiana Monti
+39 02 4486 2135
cristiana_monti@fwceu.com
or
Chile
Jose Lira
+56 2 2379 7500
jose_lira@fwchile.fwc.com
or
Investor Relations
Scott Lamb
+1 908 7304155
scott_lamb@fwc.com
or
Other Inquiries
+1 908 7304000
fw@fwc.com

Source: Foster Wheeler AG

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