Foster Wheeler Awarded Project Management Contract by Eni/Repsol JV for Perla Offshore Field Development in Gulf of Venezuela

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Foster Wheeler AG
FWLT
announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a project management contract by Cardon IV S.A., for new production facilities for the Perla Field in the Gulf of Venezuela. Cardon IV S.A. is a joint venture company owned by Eni Venezuela B.V and Repsol YPF Venezuela Gas, S.A. The value of the contract was not disclosed. The award will be included in the company's second-quarter 2013 bookings. The new production facilities will be comprised of offshore structures, trees, controls, offshore processing, subsea flowlines, export pipelines, the shore approach and utilities facilities from the wellheads to an onshore gas plant, and tie-in to an existing gas and condensate pipeline system. First gas is planned at the end of 2014. Foster Wheeler will supervise the engineering, procurement and construction contractors and the procurement of long-lead equipment. The company's scope of work requires supervision activities to be carried out in engineering centers in Houston, Madrid, London, and Rijeka, Croatia, and in more than 15 countries for fabrication and construction of equipment and materials at module and jacket fabrication yards and for site installation. “We are delighted that Cardon IV has selected Upstream's Houston-based team for this project, and we look forward to continuing to deliver a high-quality service which fully satisfies our client,” said Hal Ankrum, Chief Executive Officer, Foster Wheeler Upstream. “We have built a strong working relationship with Cardon IV since we started work on the conceptual engineering in 2010, and then completed the front-end engineering design. During these three years we have provided the client with high-quality people and deliverables, and this latest award reflects Cardon IV's continuing confidence in our Upstream team.” 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. 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, which was filed with the U.S. Securities and Exchange Commission, and the following, could cause the Company's business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company's redomestication to Switzerland, benefits, effects or results of the Company's strategic renewal initiative, further 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 or furnished with to the Securities and Exchange Commission.
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