Following its recent fiscal report, Foster Wheeler AG has announced a flurry of Spring activity. Beginning tomorrow, Scott Lamb will address investors at a one-on-one conference. This sits alongside a string of recent contract announcements that bode particularly well for the Swiss firm.
Tomorrow, Scott Lamb, Foster Wheeler’s Vice President of Investor Relations and Corporate Communications, will represent the company in a string of investor meetings at the UBS Engineering & Construction One-on-One Conference in Boston, Massachusetts.
Presentation slides may be accessed via the company’s website within the Investor Relations section. Foster Wheeler most recently hit gasworld headlines when it announced disappointing, though resilient, fiscal year-end results. Despite this, the North American firm has latterly issued a string of contracts which portray an optimistic picture for this quarter.
New deals, different sector
Though less directly industrial gas orientated, readers may be interested to know that in the first ten days of March, Foster Wheeler announced three separate new deals. Not only do they illustrate the changing fortune of the international firm, but they also indicate a regional upsurge in the Middle East.
1. Engineering division enables conversion of waste plastics to liquid fuels
Foster Wheeler’s Global Engineering and Construction Group recently agreed contract terms to aid the conversion of non-recyclable waste plastics into liquid fuels, primarily diesel. Cynar Plc, will benefit from Foster Wheeler’s process engineering design services at its 6,000 tonnes per annum (tpd) plant in Portlaoise, Ireland.
Umberto della Sala, interim CEO to Foster Wheeler AG, attributed the contract win to the company’s extensive expertise. He remarked, “Foster Wheeler is very pleased to be working with Cynar on this important and exciting project. Foster Wheeler's extensive experience in refining and synthetic fuels has enabled the base process to be developed in line with Cynar's aspiration of producing on-specification products.”
2. Foster Wheeler signs five year GES+ contract in Saudi Arabia
Foster Wheeler, alongside its consortium partners, has agreed to perform engineering and project management services associated with Saudi Aramco’s General Engineering Services Plus (GES+) initative. The project is scheduled to run for five years but according to Foster Wheeler options for extension are available.
Although terms of the contract remain undisclosed, gasworld can reveal that Foster Wheeler and its partners will perform a range of key tasks. The group will provide engineering and project management services including pre-front-end engineering design (pre-FEED), front-end engineering design (FEED), detailed design and procurement services for both onshore / offshore oil and gas, refining, petrochemicals, and associated projects in Saudi Arabia.
3. Reliability Study won in the UAE
Augmenting the company’s presence in the Middle East, the firm was also undoubtedly pleased to receive a contract from Zakum Development Company (ZADCO), to orchestrate an availability and reliability study in the United Arab Emirates. The Abu Dhabi-based study will be used to expand the Zirku oil processing facilities in this region.
According to the new agreement, Foster Wheeler will conduct site surveys, identify a range of potential expansion options and ‘debottlenecking’ initiatives, while it will also perform availability and reliability studies to create an overall master plan for the project.