Foster Wheeler Wins Vietnam Deal

Foster Wheeler AG (FWLT - Analyst Report) announced that a subsidiary of its Global Power Group has been awarded a contract by Wuhan Kaidi Electric Power Co., Ltd. for the design and supply of two circulating fluidized-bed (CFB) steam generators for Vietnam National Coal-Mineral Industries Group’s (Vinacomin) Mao Khe Thermal Power Plant Project located in northern Quang Ninh Province, Vietnam.
 
The terms of the agreement were not disclosed, and the contract value will be included in the company’s fourth quarter 2009 bookings. Commercial operation of the new steam generators is scheduled for the fourth quarter of 2012.
 
Foster Wheeler will design and supply the two 220 MW (gross megawatt) CFB steam generators and auxiliary equipment and provide site advisory services for the project.

The Global Power Group designs, manufactures, and erects steam generating and auxiliary equipment for electric power generating stations and industrial markets worldwide. The Group’s steam generating equipment includes a full range of fluidized bed and conventional boilers firing coal, oil, gas, biomass and municipal solid waste, waste wood, and low-Btu gases.

Foster Wheeler's circulating fluidized-bed boiler technology is recognized as one of the leading solid fuel-fired technologies in the world. Auxiliary equipment includes feed-water heaters, steam condensers, heat-recovery equipment, selective non-catalytic recovery units, selective catalytic recovery units and low-NOx burners. Its major competitors include Fluor Corp. (FLR - Analyst Report) and Jacobs Engineering Group Inc. (JEC - Analyst Report).

We currently have a Neutral recommendation on FWLT.

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