Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a concept study by Western Cluster Limited (WCL) for power plant facilities to serve planned iron ore mines in Liberia.
The Foster Wheeler contract value was not disclosed and will be included in the company’s third-quarter 2013 bookings.
WCL plans to build three iron ore mines in Liberia. The study to be undertaken by Foster Wheeler will investigate various options for greenfield captive power facilities to meet the mines’ expected power demand. The initial power requirement for the first mine to be developed is estimated by WCL to be approximately 70 megawatts (MW), while the full demand will be approximately 300-400 MW. This study will evaluate various power generation technologies and feedstock sources as well as options for the supply of power to multiple operational locations. The study is expected to be completed during the third quarter of 2013.
“This win is in line with our stated aim to build our position in the minerals and metals sector as part of our diversification strategy,” said Dave Lawson, President & Global Leader of Minerals & Metals, Foster Wheeler. “This award demonstrates our ability to leverage our recognized capability in power generation, our project delivery track record and our South African operational presence into the mineral and metals sector in Africa.”
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.
Western Cluster Limited (WCL) is a Liberia based subsidiary of Sesa Goa Limited (SGL) of India engaged in developing Liberia’s three iron ore deposits namely the Bea, Bomi and Mano River Mines located in the country’s western region into a large integrated iron ore project. SGL is India’s largest producer and exporter of iron ore in the private sector. For over five decades, it has been involved in iron ore mining, beneficiation and exports. SGL is also a majority-owned subsidiary of Vedanta Resources plc. (Vedanta), the London-based FTSE 100 metals and mining group which operates across the following core business sectors: Zinc-Lead-Silver, Copper, Aluminium, Iron Ore, Oil and Gas and Power, with operations in India, Australia, UAE, Zambia, South Africa, Namibia and Ireland.
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.
Patti Landsperger, +1-908-713-2944
Anne Chong, +44 (0) 118-913-2106
Scott Lamb, +1-908-730-4155
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