Foster Wheeler Wins EPC Contract For Texas Propane Dehydrogenation Unit

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded an engineering, procurement and construction (EPC) contract by Enterprise Products Operating LLC (“Enterprise”), a subsidiary of Enterprise Products Partners L.P., for a propane dehydrogenation unit (PDH) and associated power, utilities and infrastructure at Mont Belvieu, Texas, U.S.

The contract value was not disclosed. An initial release of engineering and procurement services, made under Foster Wheeler’s Master Services Agreement with Enterprise, will be included in the company’s second-quarter 2013 bookings. The balance of the EPC work will be booked with the execution of this EPC contract and will be included in the company’s third-quarter 2013 bookings.

The construction phase of the project will be executed through Foster Wheeler’s combined use of direct-hire labor and subcontractors.

“The award for this world-scale project is clear evidence of our ability to be a major player in the U.S. chemicals market, reflecting our extensive chemicals expertise and confirming our EPC project execution capability,” said Umberto della Sala, President and Chief Operating Officer of Foster Wheeler AG. “It is a significant step forward in the expansion of our relationship with Enterprise, and we are focused on delivering world-class performance to meet our client’s business objectives.”

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.

Source: Foster Wheeler, 2013.