Foster Wheeler Awarded Carbon Capture Study Contract by the CO2 Capture Project

06/10/2010


ZUG, Switzerland, Oct 07, 2010 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has been awarded a contract by the CO2Capture Project (CCP)* to undertake a study to evaluate a range of refinery, in-situ extraction of bitumen and natural gas power generation CO2 capture scenarios.

The Foster Wheeler contract value for this project was not disclosed and was included in the company's third-quarter 2010 bookings.

The CCP is a partnership of seven of the world's major energy companies including BP, Chevron, Eni, Petrobras, Shell, Suncor, ConocoPhillips and associate member EPRI. Since its formation in 2000, the CCP has been at the forefront of advancing the technologies that will underpin the widespread adoption of CCS. The CCP is now in the third phase of its work (CCP3); a critical stage in preparing the ground for widespread deployment of CCS. The study awarded to Foster Wheeler will contribute to this phase of the CCP's program.

Foster Wheeler will study the application of CO2post-combustioncapture to a range of refinery, in-situ extraction of bitumen and natural gas power generation CO2 capture scenarios, including both retrofit and green-field solutions. The study is expected to be completed at the end of the fourth quarter of 2010 with the production of a 'CO2 Capture Handbook' to be used by the CCP participants for their use in pre-screening work on carbon capture projects.

"This award reflects the depth and range of our carbon capture and storage expertise and our extensive energy refining and chemicals experience. It also demonstrates the client's confidence in our ability to leverage this expertise and apply creativity and outside-the-box thinking to deliver high value-added consultancy and help our client meet its objectives," said Umberto della Sala, president and chief operating officer, Foster Wheeler AG.

Foster Wheeler AG is a global engineering and construction contractor 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, 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 Geneva, Switzerland. For more information about Foster Wheeler, please visit our website at http://www.fwc.com.

The CO2 Capture Project (CCP) is an award-winning partnership of seven major energy companies, working to advance the technologies that will underpin the deployment of industrial-scale CO2capture and storage.

Since its formation in 2000, the CCP has undertaken more than 150 projects to increase understanding of the science, economics and engineering applications of CCS. The group has been working closely with government organizations -- including the U.S. Department of Energy, the European Commission and more than 60 academic bodies and global research institutes. CCP received the Carbon Sequestration Leadership Forum (CSLF) Recognition Award in 2009 for its contribution to the advancement of CCS.

For further information on the work of the CO2 Capture Project please visit http://www.co2captureproject.com

*The contract has been awarded by BP Corporation North America Inc. as operator on behalf of the CO2 Capture Project (CCP).

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 or the relocation of our principal executive offices to Geneva, Switzerland; further deterioration in the economic conditions in the United States and other major international economies, 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, 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. 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
Media:
United States
Julie Stanisz, 908-730-4047
julie_stanisz@fwc.com
or
United Kingdom
Anne Chong, +44 (0) 118 913 2106
anne_chong@fwuk.fwc.com
or
For CCP
Mark Crombie, +44 1932 756 725
mark.crombie@uk.bp.com
or
Investor Relations
Scott Lamb, 908-730-4155
scott_lamb@fwc.com
or
Other Inquiries
908-730-4000
fw@fwc.com

Return to topTop