Foster Wheeler Awarded Engineering Services Contract For HHI/CNL Escravos Gas Project – Phase 3

abarrelfull wrote on 10 Dec 2012 14:42
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May 11, 2005

Foster Wheeler Ltd. (OTCBB: FWHLF) announced today that its subsidiary, Foster Wheeler USA Corporation (FWUSA), has been awarded an engineering services contract by Hyundai Heavy Industries Co., Ltd. (HHI) to perform design verification activities for the Escravos Gas Project Phase 3A (EGP-3A) Onshore project, located in the vicinity of the Escravos River, Bight of Benin, Nigeria.

The terms of the contract were not disclosed and the award will be included in the company's second-quarter bookings for 2005.

FWUSA will execute this work from its Houston office, which will also serve as a task force location during this phase of the project for HHI, the project's lump-sum turnkey, engineering, procurement and construction contractor, and Chevron Nigeria Ltd (CNL), operator of the NNPC/Chevron Joint Venture. FWUSA will also provide process, mechanical, and instrument engineering assistance to HHI during the detailed engineering phase in Korea.

“We are delighted to be awarded this key business by HHI, which demonstrates recognition of Foster Wheeler's technical capability in upstream gas projects,” said Bernard H. Cherry, president of Foster Wheeler USA. “It also allows us to further develop our global relationship with CNL, following on the success of our UK office working with CNL on the Escravos Gas-to-Liquids project. The expansion of our Houston office within the oil and gas sector is a prime business objective for 2005; further, Nigeria is an important target market. This award is an important strategic step in our plans for growing our global oil and gas business.”

• Foster Wheeler Awarded Engineering Services Contract For HHI/CNL Escravos Gas Project – Phase 3

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