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Foster Wheeler Licensee Receives Contract for Power Equipment in Saudi Arabia

ZUG, Switzerland--(BUSINESS WIRE)--Foster Wheeler AG (Nasdaq:FWLT) announced today that BHI Co., Ltd., a licensee of its Global Power Group, has been awarded a contract by Samsung C&T for the design and supply of six heat recovery steam generators (HRSGs) for the 2,100 megawatt Rabigh II combined-cycle power plant in Saudi Arabia.

“Foster Wheeler HRSG designs are tailored to meet the performance, reliability and cost goals of our customers”

BHI has received a full notice to proceed on this contract. The terms of the agreement were not disclosed, and the royalty value received for the contract was included in Foster Wheeler’s bookings for the first quarter of 2014. Commercial operation of the units is scheduled to begin in 2017.

BHI offers HRSGs, pulverized coal (PC) boilers, circulating fluidized bed (CFB) boilers and oil and gas boilers all utilizing Foster Wheeler’s proven technology. BHI will design and supply the six HRSGs which will be coupled to six SGT6-5000F Siemens gas turbines firing natural gas and oil.

“BHI is very pleased to have received this major award,” said Woo Jong-Ihn, President of BHI Co., Ltd. “We have executed a number of key projects in the Middle East and this award reinforces our position as a leading supplier in the region. Based on the combination of Foster Wheeler technology and BHI design and production capabilities, BHI intends to continue its marketing activities in the combined cycle power plant market throughout the world.”

“Foster Wheeler HRSG designs are tailored to meet the performance, reliability and cost goals of our customers,” said David J. Parham, Executive Vice President, Foster Wheeler Global Power Group. “Together the list of Foster Wheeler/BHI reference units now includes over 70 HRSGs for a total of over 7 gigawatts supplied globally, bringing the total Foster Wheeler experience on HRSGs to 425 units and over 28 gigawatts.”

BHI Co., Ltd. is engaged in the engineering, production, and sale of heat exchangers and boilers in South Korea and internationally. The company was formerly known as Bumwoo Eng Co., Ltd. and changed its name to BHI Co., Ltd. in March 2009. BHI Co., Ltd. was incorporated in 1998 and is based in Haman-Gun, South Korea.

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.

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the U.S. Securities and Exchange Commission on February 27, 2014, and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements including: the timing and success of the proposed offer and acquisition of the Company by AMEC plc, the risk that the Company’s business will be adversely impacted during the pending proposed offer and acquisition of the Company by AMEC plc, benefits, effects or results of the Company’s redomestication to Switzerland, deterioration in global economic conditions, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, the changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to the Company’s global operations, currency fluctuations, war, terrorist attacks and/or natural disasters affecting facilities either owned by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of the Company’s patents and other intellectual property rights, increasing global competition, compliance with its debt covenants, recoverability of claims against the Company’s customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with or furnished to the Securities and Exchange Commission.

Contacts

Media:
Foster Wheeler AG
United States
Liz Picone, +1 908-713-2946
liz_picone@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