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Foster Wheeler Awarded Study for Iron Ore Mines in Liberia

  Foster Wheeler Awarded Study for Iron Ore Mines in Liberia

Business Wire

ZUG, Switzerland -- August 6, 2013

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its
Global Engineering and Construction Group has been awarded a concept study by
Western Cluster Limited (WCL) for power plant facilities to serve planned iron
ore mines in Liberia.

The Foster Wheeler contract value was not disclosed and will be included in
the company’s third-quarter 2013 bookings.

WCL plans to build three iron ore mines in Liberia. The study to be undertaken
by Foster Wheeler will investigate various options for greenfield captive
power facilities to meet the mines’ expected power demand. The initial power
requirement for the first mine to be developed is estimated by WCL to be
approximately 70 megawatts (MW), while the full demand will be approximately
300-400 MW. This study will evaluate various power generation technologies and
feedstock sources as well as options for the supply of power to multiple
operational locations. The study is expected to be completed during the third
quarter of 2013.

“This win is in line with our stated aim to build our position in the minerals
and metals sector as part of our diversification strategy,” said Dave Lawson,
President & Global Leader of Minerals & Metals, Foster Wheeler. “This award
demonstrates our ability to leverage our recognized capability in power
generation, our project delivery track record and our South African
operational presence into the mineral and metals sector in Africa.”

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 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, minerals 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 Reading, United Kingdom. For more
information about Foster Wheeler, please visit our Web site at www.fwc.com.

Western Cluster Limited (WCL) is a Liberia based subsidiary of Sesa Goa
Limited (SGL) of India engaged in developing Liberia’s three iron ore deposits
namely the Bea, Bomi and Mano River Mines located in the country’s western
region into a large integrated iron ore project. SGL is India’s largest
producer and exporter of iron ore in the private sector. For over five
decades, it has been involved in iron ore mining, beneficiation and exports.
SGL is also a majority-owned subsidiary of Vedanta Resources plc. (Vedanta),
the London-based FTSE 100 metals and mining group which operates across the
following core business sectors: Zinc-Lead-Silver, Copper, Aluminium, Iron
Ore, Oil and Gas and Power, with operations in India, Australia, UAE, Zambia,
South Africa, Namibia and Ireland.

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 to Switzerland, benefits, effects or results of the
Company’s strategic renewal initiative, further deterioration in global
economic conditions, 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, the 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 the Company’s global operations, currency fluctuations, war,
terrorist attacks and/or natural disasters affecting 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 the Company’s patents and other intellectual property rights,
increasing global competition, compliance with its debt covenants,
recoverability of claims against the Company’s 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 or furnished with to the Securities and
Exchange Commission.

Contact:

Media:
United States
Patti Landsperger, +1-908-713-2944
patti_landsperger@fwc.com
or
UK
Anne Chong, +44 (0) 118-913-2106
anne_chong@fwuk.fwc.com
or
Investor Relations
Scott Lamb, +1-908-730-4155
scott_lamb@fwc.com
or
Other Inquiries
+1-908-730-4000
fw@fwc.com
 
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