LNG receiving terminal contract for Foster Wheeler

Source: Foster Wheeler AG

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded the basic design and front-end engineering design contract by Complejo GNL del Este, a Consortium formed by Dominican and Colombian companies that participate in the energy sector of these countries, for a new LNG receiving terminal and jetty to be built in San Pedro de Marcorís in the Dominican Republic.

The Foster Wheeler contract value for this project was not disclosed and will be included in the company's first-quarter 2012 results.

Foster Wheeler has previously completed a feasibility study for the selection of the most suitable technology for the new terminal, which will be designed for a send-out capacity of 240 million standard cubic feet per day (MMscf/d), with an LNG storage tank of 160,000 cubic meters. The design will also consider future expansion(s) up to 700 MMscf/d. Foster Wheeler will work with a local partner in executing this work, which is expected to be completed in September 2012.

"We are pleased to receive this award, which demonstrates our client's satisfaction with the feasibility study we have completed and Complejo GNL del Este's confidence in our LNG expertise and ability to deliver fast-track execution strategies," said Umberto della Sala, President and Chief Operating Officer, Foster Wheeler AG. "Latin America is a strategically important region for Foster Wheeler, and is a region where we already have a very strong track record in winning and successfully executing large, complex projects."

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 12,000 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, mining 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 Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at http://www.fwc.com.


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