Foster Wheeler Signs Three-Year Contract with Statoil for FEED
Foster Wheeler AG (NASDAQ: FWLT) announced today that a subsidiary of
its Global Engineering and Construction Group has signed a three-year
frame agreement with Statoil Petroleum AS (NYSE: STO) for the provision of front-end
engineering design (FEED) services for future projects at the Kårstø and
Kollsnes processing plants, located in Norway north of Stavanger and
north-west of Bergen, respectively. The frame agreement includes an
option for Statoil to extend the agreement for a further two years and
for Foster Wheeler to execute concept studies as well as FEEDs.
The value of the agreement was not disclosed. Bookings will be recorded
as work is released by Statoil.
The Kårstø processing plant plays a key role in the