Foster Wheeler to Supply Condensers to Lilama for Thermal Power Plant in Vietnam

08/02/2010


ZUG, Switzerland, Feb 09, 2010 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Power Group has been awarded a contract by Lilama Corporation, a Vietnamese EPC contractor, for the design and supply of two steam surface condensers and auxiliary equipment for the Vung Ang Thermal Power Plant in Vietnam.

The 2 x 600 MWe coal-fired power plant will be located in Ha Tinh Province on the north central coast of Vietnam. The project is being built by investments from the Vietnam National Oil and Gas Group (PetroVietnam) as part of the National Power Development Plan for the 2006-2015 period.

Foster Wheeler has received a full notice to proceed on this contract. The terms of the agreement were not disclosed, and the contract value will be included in the company's first-quarter 2010 bookings. Commercial operation of the first unit is scheduled for the second quarter of 2012 with the second unit coming online in the first quarter of 2013.

"We are proud to be awarded this opportunity to work with Lilama for this important project," said Gary Nedelka, president and chief executive officer of Foster Wheeler Global Power Group. "Lilama is a leading EPC contractor in Vietnam serving the power industry and we believe this project will be the beginning of a successful relationship between our companies in providing high quality equipment to meet the needs of the rapidly expanding Vietnamese power sector."

"Lilama and Foster Wheeler have had a long-standing relationship and we are pleased to have Foster Wheeler supply the condensers for the Vung Ang Project," said Pham Hung, chief executive officer of Lilama Corporation. "Foster Wheeler is a global company with world-class technologies and we look forward to future cooperation between our two companies in serving the growing Vietnam power market."

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

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