Foster Wheeler Awarded Contract for Two Grate Boilers in Pakistan

ZUG, Switzerland--()--Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Power Group has been awarded a contract by Shanghai Marine Diesel Engine Research Institute (SMDERI) for the design and supply of two grate boilers for Fatima Energy Limited, a subsidiary of Fatima Group. The new 120 MWe co-generation power plant will be located at the Fatima sugar mill in Savawan, Pakistan.

Under the agreement, Foster Wheeler will design and supply two 60 MWe (gross megawatt electric) grate boilers and auxiliary equipment. The boilers will be designed to burn coal and bagasse, a fibrous matter that remains after sugarcane stalks are crushed to extract their juice.

Foster Wheeler has received a full notice to proceed on this contract. The terms of the agreement were not disclosed and the contract value will be included in the company’s bookings for the first-quarter of 2014. Commercial operation of the new boilers is scheduled for the first-quarter of 2016.

“Considering this is Fatima Group’s first project in the power sector and the first of its kind utilizing both biomass and coal in Pakistan, we cannot rely on anything less than Foster Wheeler, which was an obvious choice as technical partner and boiler supplier,” said Mr. Fazal Ahmed Sheikh, Chief Executive Officer of Fatima Energy Limited. “We are willing to work very closely with Foster Wheeler, not only in this project but for future projects in fertilizer and energy.”

“We are honored to work together with such a world-renowned enterprise as Foster Wheeler and expect complete success with bilateral efforts,” said Mr. Chen Gang, Vice President of SMDERI. “By this project we will bring Pakistan a technologically advanced and reliable biomass power plant.”

“Foster Wheeler is pleased to have been awarded this opportunity to contribute to the industrial energy needs of Pakistan,” said Gary Nedelka, Chief Executive Officer of Foster Wheeler Global Power Group. “Our grate units can efficiently transform waste and by-product materials into valuable steam and power. This becomes a cost effective means to meet energy needs and lessen the environmental impact of waste disposal.”

Fatima Energy Limited (FEL) is a wholly owned subsidiary of Fatima Group, which has a history dating back to 1936 and is considered as one of the prominent business conglomerates in Pakistan. Fatima Group portfolio includes fertilizer, textile, sugar, mining, trade and energy business units. Fatima Group’s organic growth history over the past 78 years is based upon a philosophy of acquiring solid products and building long term partnerships.

The EPC contractor, SMDERI, a subsidiary of China Shipbuilding Industry Company, is a chief player in China’s marine power industry and has expanded its business into new energy power solutions.

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 website at www.fwc.com.

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Contacts

Foster Wheeler AG
Media:
United States
Patti Landsperger, +1 908-713-2944
patti_landsperger@fwc.com
or
United States
Jan Rogers, +1 908-713-3288
jan_rogers@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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Contacts

Foster Wheeler AG
Media:
United States
Patti Landsperger, +1 908-713-2944
patti_landsperger@fwc.com
or
United States
Jan Rogers, +1 908-713-3288
jan_rogers@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