Foster Wheeler Awarded PMC Contract for LNG Terminal in Singapore

07/02/2010


ZUG, Switzerland, Feb 08, 2010 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract to provide project management consultancy (PMC) services to Singapore LNG Corporation Pte Ltd ( SLNG ), a fully owned subsidiary of the Energy Market Authority of Singapore, in support of the development of the LNG terminal to be located on the southwestern part of Jurong Island, Singapore.

SLNG owns and oversees the LNG terminal's development. The terminal, which will have an initial capacity of 3.5 million tonnes per annum (Mtpa), with provisions for expansion to 6 Mtpa, is targeted to be ready for start-up in 2013.

The terms of the contract were not disclosed, and the contract value will be included in Foster Wheeler's first-quarter 2010 bookings.

SLNG and Foster Wheeler will jointly manage the engineering, procurement and construction (EPC) contractor through an "Integrated Project Management Team" approach, which will allow SLNG to be fully involved in the management of the design and construction activities.

"Foster Wheeler is a worldwide engineering company and has an excellent reputation in the energy sector. We are combining the strengths of SLNG and Foster Wheeler to take on the complex task of managing the EPC contract through to completion. Through this seamless and integrated approach, we will work towards the timely start-up of the LNG terminal," said Neil McGregor, SLNG's executive director.

"We are delighted to have been selected as Project Management Consultant for this prestigious project," said Franco Anselmi, chief executive officer of Foster Wheeler Asia Pacific. "This project, Singapore's first LNG terminal, is of major importance as it will help ensure the security of Singapore's energy future. We look forward to working with SLNG, drawing upon our extensive project experience in Singapore and our considerable global technical expertise in LNG."

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 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. For more information about Foster Wheeler, please visit our Web site at http://www.fwc.com.

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SOURCE: Foster Wheeler AG

Foster Wheeler AG
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Maureen Bingert, 908-730-4444
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