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Foster Wheeler Awarded Contract for Two Heat Recovery Steam Generators in Hungary

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Foster Wheeler announced today that a subsidiary of its Global Power Group has been given a limited notice to proceed (LNTP) for the design and supply of two heat recovery steam generators (HRSGs) to Técnicas Reunidas, S.A. (TRSA).

The terms of the agreement were not disclosed, and the value of the LNTP will be included in the company's fourth-quarter 2011 bookings. Foster Wheeler expects to finalize the contract and to receive full notice to proceed in the second quarter of 2012 at which time the full value of the contract would be booked.

The HRSGs will be installed in a combined cycle power plant that TRSA will build near Budapest, Hungary. The plant will be owned by CM European Power International (a joint venture between Czech Republic utility company CEZ and Hungarian oil & gas company MOL).

Foster Wheeler will design, supply and provide advisory services for erection and start-up of two HRSGs, which will be coupled to two Siemens combustion turbines model SGT5-4000F, with a total installed capacity of 860 MWe (gross megawatt electric). Delivery of the HRSGs is scheduled for mid-2013.

"This award clearly demonstrates Foster Wheeler's state-of-the-art design and competitiveness in the large-size heat recovery steam generators market," said Jesús Martí Sanz, Chief Executive Officer of Foster Wheeler Energia, S.L. in Madrid. "Our value-added solution together with our global sourcing and flexibility to match our customer's needs were the key factors behind this award."

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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 12,000 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, mining 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 Geneva, Switzerland.

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