Foster Wheeler and Kentz Joint Venture Company Awarded Contracts by Shell for Majnoon Oil Field Development in Iraq

  Foster Wheeler and Kentz Joint Venture Company Awarded Contracts by Shell
  for Majnoon Oil Field Development in Iraq

Business Wire

DUBAI, UAE -- March 18, 2014

Foster Wheeler Kentz Energy Services DMCC, the Dubai-based joint venture
company of Foster Wheeler and Kentz, announced today that it has been awarded
framework contracts by Shell Iraq Petroleum Development B.V. (“Shell”), for
the provision of engineering, procurement and related services for the Majnoon
Oil Field Commercial Production Project in Iraq. Shell is the operator of the
Development Production Services Contract for the Majnoon field, which is
located in southern Iraq, approximately 70 km north of Basra City.

The services, including concept selection, front-end engineering design,
detailed design and contract and procurement services, will be provided
primarily by Foster Wheeler Kentz Energy Services DMCC, supported by the
Foster Wheeler and Kentz organizations.

The contracts with Shell will run for two years, with an option to extend for
an additional year, and will provide a framework for a number of packages of
work to be executed, covering new facilities and rehabilitation or upgrade of
existing facilities.

“We established this joint venture in Dubai to bring together the technical
expertise, Iraq experience and project execution capability and resources of
Foster Wheeler and Kentz to support the international oil companies in
realizing their strategically important Iraqi investment plans,” said Steve
Spicer, General Manager of Foster Wheeler Kentz Energy Services DMCC. “This
award is a strong vote of confidence in the added value that this combination
can deliver.”

“There are some unique challenges in Majnoon,” said Tom Hooft van Huysduynen,
Project Director Majnoon Field Development, Shell Iraq Petroleum Development
B.V. “Seamless cooperation with Foster Wheeler Kentz Energy Services DMCC is
not only essential in moving forward in safety but also in the delivery of the
Majnoon Portfolio.”

About the Majnoon Project

In 2009, following Iraq’s second licensing round for oil production, the
government signed a 20-year service contract with international oil companies
Shell and Petronas to develop the Majnoon oilfield. The Majnoon field measures
around 60 kilometres long and 15 kilometres wide and is estimated by the Iraqi
government to hold around 38 billion barrels of oil in place. Shell is the
lead operator in the consortium with a 45% stake, Petronas holds 30% and the
Iraqi South Oil Company the remaining 25%.

About Foster Wheeler Kentz Energy Services DMCC

Foster Wheeler Kentz Energy Services DMCC is a limited liability company
registered in the Dubai Multi-Commodities Centre freezone in Dubai, owned
50:50 by Foster Wheeler and Kentz. It has offices in the Jumeirah Lakes Towers
area of Dubai.

About Foster Wheeler

Foster Wheeler AG (Nasdaq: FWLT) 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 the company’s
website at www.fwc.com.

About Kentz

Kentz (LSE: KENZ) is a global engineering specialist solutions provider, which
serves a blue chip client base primarily in the oil and gas, petrochemical and
mining and metals sectors. It is listed on the London Stock Exchange (symbol:
KENZ). Kentz has over 14,500 employees in 36 countries. Its three main
business lines are; Engineering and Projects, Construction, and Technical
Support Services. It has a proven track record of delivering mechanical,
electrical, controls and instrumentation engineering, construction and
management services in some of the most remote locations on earth. For further
information see the Kentz website www.kentz.com.

Contact:

Media:
Foster Wheeler
United States
Patti Landsperger, +1 908-713-2944
patti_landsperger@fwc.com
UK
Anne Chong, +44 (0)118 913 2106
anne_chong@fwuk.fwc.com
Investor Relations
Scott Lamb, +1 908-730-4155
scott_lamb@fwc.com
Others
fw@fwc.com
+1 908 730-4000
www.fwc.com
or
Kentz Investor Relations
Ronan Tyrrell, +44 203 159 4004
ronan.tyrrell@kentz.com
or
Kentz Media Relations
Paul Youens, +44 203 159 4003
paul.youens@kentz.com
or
Shell Media Relations
Nureddin Wefati, +971 562 162 409
Nureddin.wefati@shell.com
Ali Khan, +971 501 897 480
ali-nasir.khan@shell.com
 
Press spacebar to pause and continue. Press esc to stop.