Foster Wheeler Ltd, through its UK-headquartered subsidiary Foster Wheeler Energy Limited, has been awarded an engineering and materials supply contract by Samsung Engineering Co. Ltd. for two gas turbine exhaust waste heat recovery units for an ethane separation plant in Thailand.
The contract is awarded for the PTT Public Co. Ltd. (PTT) ethane separation plant at Map Ta Phut Industrial Complex, with Samsung as PTT’s engineering, procurement, construction and pre-commissioning contractor for the plant. The Foster Wheeler contract value for this project was not disclosed and will be included in the company’s first-quarter 2008 bookings.
“Foster Wheeler has designed and supplied some of the world’s more technically advanced waste heat recovery units. This award reflects our ability to deliver a cost-effective waste heat recovery solution incorporating selective catalytic NOx reduction, to meet Thailand’s stringent emissions standards,” said Michael J. Beaumont, Chairman and CEO of Foster Wheeler Energy Limited.
Meanwhile, the company has reported record net income for the first quarter of 2008, at $138.1m, or $0.95 per diluted share, compared with $114.8m in the first quarter of 2007. Net income in the first quarter of 2008 was aided by a net asbestos-related gain of $14.2m, while excluding the gain, net income in the first quarter of 2008 was a record $123.9m.