Foster Wheeler Wins Polish Contract

Foster Wheeler AG (FWLT - Analyst Report) said a unit of its Global Power Group recently won a contract from ZE PAK S.A. for the design, supply and erection of a 55 MWe biomass-fired circulating fluidized-bed (CFB) boiler island for the Konin Power Station in Poland.

Foster Wheeler has received a notice to begin work on this contract. The terms of the agreement were not disclosed and the contract value will be included in the company’s orders for the third quarter of 2009. Commercial operation of the new steam generator is scheduled for the first quarter of 2012.

Foster Wheeler will design and supply the steam generator and auxiliary equipment. It will carry out the erection and commissioning of the boiler island. The steam generator will be equipped adequately to burn wood biomass and up to 20% agro biomass. When combined with the CFB’s demonstrated ability to reduce emissions, the fuel flexibility enables the unit to operate with minimal environmental impact compared with conventional boilers.

Foster Wheeler is a global engineering and construction contractor and power equipment supplier, with a reputation for delivering high quality, technically advanced, reliable facilities and equipment on time, on budget and with a world-class safety record. Its Global Power Group offers advanced, cost-effective and environment-friendly energy solutions to customers around the world.

As one of the world's most prestigious engineering and construction companies, Foster Wheeler has over 100 years of experience and dedicated highly skilled personnel providing services worldwide. It designs, engineers and constructs leading-edge processing facilities and related infrastructure for the upstream oil & gas, LNG and gas-to-liquids, refining, chemicals & petrochemicals, pharmaceuticals, biotechnology & healthcare, environmental and power industries. The company's major competitors include Fluor Corp. (FLR - Analyst Report) and Jacob’s Engineering Group Inc. (JEC - Analyst Report). We currently have a Neutral recommendation on Foster Wheeler.

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