Foster Wheeler Awarded Carbon Capture and Storage Consultancy Contract in The Netherlands

28/05/2009


ZUG, Switzerland--(BUSINESS WIRE)--May. 29, 2009-- Foster Wheeler AG (Nasdaq: FWLT) announced today that its Milan-based subsidiary Foster Wheeler Italiana S.p.A., part of its Global Engineering and Construction Group, has been awarded a contract by the Rotterdam Climate Initiative (RCI) for the provision of engineering consultancy services related to RCI’s planned carbon capture, storage and utilization solution in the Rotterdam region in The Netherlands.

The value of the contract was not disclosed and was included in Foster Wheeler’s first-quarter 2009 bookings.

Established in 2007, RCI is a collaboration between the City of Rotterdam, the Rotterdam Port Authority, Deltalinqs, a representative of the plant operators, and DCMR Environmental Protection Agency of the Rotterdam-Rijnmond region.

RCI aims to achieve a 50 percent reduction in the Rotterdam region’s carbon dioxide (CO2) emissions by 2025, relative to 1990. RCI aims to achieve this goal by improving energy efficiency, increasing renewable energy production, and via a carbon capture, utilization and storage initiative involving the major CO2 emitting companies of the Rotterdam Port area. The Clinton Climate Initiative, a program of the William J. Clinton Foundation, will act as advisor to the project. The Clinton Climate Initiative, of which Rotterdam is a member, is a partnership of world cities which are committed to an active approach to climate change.

Foster Wheeler will support RCI in the economic and technical validation of engineering plans for carbon capture facilities to be developed by each individual CO2 emitter located in the Rotterdam Port area. The emissions data will also be aggregated and structured in a cohesive way to enable the definition of an Emitter Portfolio, the first step in the development of a carbon capture, utilization and storage network business plan.

-We are very pleased to have won this prestigious contract from RCI,” said Marco Moresco, chief executive officer of Foster Wheeler Italiana. -We believe that this award reflects the quality of our experience and capability in carbon capture and storage.”

-Indeed we are glad to cooperate with Foster Wheeler,” said Gerrit J. Van Tongeren, Chairman, Carbon Capture and Storage Business Platform of RCI. -We are sure that Foster Wheeler, with its experience in the field of carbon capture and storage, will inject all its expertise in the project for the maximum benefit of the Rotterdam-Rijnmond region environment.”

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs over 14,000 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, 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 are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.

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Foster Wheeler 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, changes in the rate of economic growth in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power industries, changes in the financial condition of its customers, changes in regulatory environments, 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, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on 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 its patents and other intellectual property rights, increasing competition by non-U.S. and U.S. domestic companies, compliance with its debt covenants, recoverability of claims against its 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 the Securities and Exchange Commission.

Source: Foster Wheeler AG

Foster Wheeler AG
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