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Foster Wheeler Awarded Contract for New Offshore Oil Export Facilities in Iraq

Foster Wheeler Foster Wheeler AG announced today that its UK-headquartered subsidiary Foster Wheeler Energy Limited, part of its Global Engineering and Construction Group, has been awarded a contract by the South Oil Company for the basic engineering of new oil export facilities, to supplement the existing Al-Basra terminal in Iraq. The new offshore facilities will include new single point mooring tanker loading buoys, together with oil pumping, metering and pipelines, to achieve an export capacity of 4.5 million barrels per day.

The Foster Wheeler contract value for this project was not disclosed, and will be included in the company's first-quarter 2009 bookings.

Foster Wheeler will prepare a technical definition package, plans and schedules for full project implementation, and invitation to bid documents for the supply and construction of the offshore export facilities.

"We have been working with the South Oil Company and Iraq's Ministry of Oil on the upgrading of these export facilities and we are very pleased to have been awarded this basic design contract," said Michael J. Beaumont, chairman and chief executive officer, Foster Wheeler Energy Limited. "We have a long and very successful track record in upstream oil and gas projects, based on our ability to add value and innovation during the concept and early design phases, and then reliably and safely deliver world-class projects in the engineering, procurement, construction and commissioning phase."

Posted 19/02/09

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