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Foster Wheeler Wins Contract
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Global Engineering and Construction Group of Foster Wheeler AG (FWLT) won a contract in Cameroon for an LNG project. The value of the contract was not revealed by the company.
The company will provide its pre-front-end engineering design (pre-FEED) services to the project, which is being developed by GDF SUEZ in partnership with Cameroon's Societe Nationale des Hydrocarbures. The project involves development of an onshore LNG plant on the southern coastline of Cameroon and an offshore gas gathering infrastructure, linked by a network for gas transportation.
The pre-FEED, involving development of preliminary design for the liquefaction, gas gathering and treatment and LNG export facilities, is planned to be completed by early 2011. In the second quarter of fiscal 2010, Foster Wheeler will include this project in its bookings.
The company operates through two business groups: the Global Engineering and Construction Group (Global E&C Group) and the Global Power Group. The Global E&C Group operates worldwide and designs, engineers and constructs onshore and offshore upstream oil and gas processing facilities, natural gas liquefaction facilities and receiving terminals, gas-to-liquids facilities, oil refining, chemical and petrochemical, pharmaceutical and biotechnology facilities and related infrastructure, including power generation and distribution facilities, and gasification facilities.
The Global E&C Group recently won Order of Distinction Award for Occupational Health and Safety from UK’s Royal Society for the Prevention of Accidents (RoSPA) for a third consecutive year, showing the company’s dedication to maintain a healthy and safe working environment.
We believe that the global demand for energy will continue to grow over the long term and the clients will continue to invest in new and upgraded capacity to meet the demand. In this regard, Foster Wheeler has been successful in booking contracts for front-end engineering work, which is frequently the precursor to significant work for engineering, procurement and construction.
The Cameroon LNG project is the fourth contract won by the company’s Global E&C Group, out of six contracts won by Foster Wheeler in June 2010. The three previous contracts won by the Group were in Turkey and Iraq for pre-FEED of grassroots Refinery plants and in Cameroon to provide engineering, procurement and construction services to a refinery project.
Foster Wheeler AG is based in Zug Switzerland, but its operational headquarters are in Clinton NJ USA. Major competitors of Foster Wheeler are Fluor Corporation (FLR) and Jacobs Engineering Group Inc. (JEC).
We currently maintain our Neutral recommendation on Foster Wheeler.
The company will provide its pre-front-end engineering design (pre-FEED) services to the project, which is being developed by GDF SUEZ in partnership with Cameroon's Societe Nationale des Hydrocarbures. The project involves development of an onshore LNG plant on the southern coastline of Cameroon and an offshore gas gathering infrastructure, linked by a network for gas transportation.
The pre-FEED, involving development of preliminary design for the liquefaction, gas gathering and treatment and LNG export facilities, is planned to be completed by early 2011. In the second quarter of fiscal 2010, Foster Wheeler will include this project in its bookings.
The company operates through two business groups: the Global Engineering and Construction Group (Global E&C Group) and the Global Power Group. The Global E&C Group operates worldwide and designs, engineers and constructs onshore and offshore upstream oil and gas processing facilities, natural gas liquefaction facilities and receiving terminals, gas-to-liquids facilities, oil refining, chemical and petrochemical, pharmaceutical and biotechnology facilities and related infrastructure, including power generation and distribution facilities, and gasification facilities.
The Global E&C Group recently won Order of Distinction Award for Occupational Health and Safety from UK’s Royal Society for the Prevention of Accidents (RoSPA) for a third consecutive year, showing the company’s dedication to maintain a healthy and safe working environment.
We believe that the global demand for energy will continue to grow over the long term and the clients will continue to invest in new and upgraded capacity to meet the demand. In this regard, Foster Wheeler has been successful in booking contracts for front-end engineering work, which is frequently the precursor to significant work for engineering, procurement and construction.
The Cameroon LNG project is the fourth contract won by the company’s Global E&C Group, out of six contracts won by Foster Wheeler in June 2010. The three previous contracts won by the Group were in Turkey and Iraq for pre-FEED of grassroots Refinery plants and in Cameroon to provide engineering, procurement and construction services to a refinery project.
Foster Wheeler AG is based in Zug Switzerland, but its operational headquarters are in Clinton NJ USA. Major competitors of Foster Wheeler are Fluor Corporation (FLR) and Jacobs Engineering Group Inc. (JEC).
We currently maintain our Neutral recommendation on Foster Wheeler.
Read the full analyst report on FWLT
Read the full analyst report on FLR
Read the full analyst report on JEC
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