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Foster Wheeler JV, Three Streams Engineering Win FEED Contract for Canadian Oil Sands Project

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UPDATE: D.A. Davidson Reiterates On Foster Wheeler AG Following Q3 EPS Report
Foster Wheeler AG Misses Q3 Revenue, Earnings

Foster Wheeler AG (Nasdaq: FWLT) announced today that a joint venture of a subsidiary of its Global Engineering and Construction Group (Foster Wheeler Canada Ltd.) and Three Streams Engineering Ltd. has been awarded the front-end engineering design (FEED) for the proposed Cenovus Energy Inc. Telephone Lake SAGD (steam-assisted gravity drainage) central processing facility phase A development.

The project, located in northern Alberta, is expected to have an initial production capacity of 90,000 barrels per day (bbls/d) over two phases and an estimated project life of up to 40 years. The project is currently under review by regulators.

The contract value for this project was not disclosed. The booking will be included in the company's fourth-quarter 2012 bookings.

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