Foster Wheeler Awarded EPCm Contract for Dow's Louisiana Plant Upgrade
Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction (E&C) Group has been awarded a contract by The Dow Chemical Company (NYSE: DOW) to provide detailed engineering, procurement and construction management (EPCm) services for the LA-3 Crack More Ethane (CME) Project at Dow's Plaquemine petrochemical facility in Louisiana, USA.
The objective of this project is to improve the plant ethane flexibility to take advantage of low-cost feedstock. The scope will include brownfield additions and retrofit modifications to the plant. This project is part of Dow's comprehensive U.S. Gulf Coast investment strategy.
“Foster Wheeler has the proven brownfield/retrofit project execution capabilities that are crucial to achieving Dow's cost and schedule objectives,” said Umberto della Sala, President and Chief Operating Officer, Foster Wheeler AG. “We are pleased that our excellent working relationship with Dow under our Global Agreement continues to flourish with this latest award.”
The Foster Wheeler contract value was not disclosed. The initial release of work will be included in the company's second quarter 2013 bookings, while the main release is expected to be recorded in the third quarter of 2013.
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 Web site at www.fwc.com.
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