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Foster Wheeler Awarded PMC Contract by ADCO for Oil Field Development in UAE

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Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has been awarded a project management consultancy (PMC) contract by the Abu Dhabi Company for Onshore Oil Operations (ADCO) for the Bab Field expansion and the development of the Qusahwira Field in the United Arab Emirates.

The Foster Wheeler contract value for this project was not disclosed. The contract value for the Bab Field expansion was included in the company's first-quarter 2010 bookings and the contract value for the development of the Qusahwira Field will be included in the company's second-quarter 2010 bookings.

Foster Wheeler's primary role as PMC will be to manage the engineering, procurement and construction (EPC) tendering and award process and the EPC execution phase on behalf of ADCO.

"Foster Wheeler looks forward to further developing our long-standing relationship with ADCO. We fully appreciate the importance of this multi-field infrastructure project and will bring our in-depth upstream project expertise to help to ensure the successful delivery of this key investment with minimum disruption to the overall production from the Bab and SAS (Sahil, Asab and Shah) hubs," said Umberto della Sala, president and chief operating officer, Foster Wheeler AG.

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 talented professionals with specialised 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, 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.

Published 06/05/2010

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