Foster Wheeler Awarded Limited Notice to Proceed for Four Supercritical Circulating Fluidized-Bed Steam Generators in Korea

Foster Wheeler AG FWLT announced today that a subsidiary of its Global Power Group has been given a limited notice to proceed by Hyundai Engineering and Construction for the design and supply of four supercritical circulating fluidized-bed steam generators for the Samcheok Green Power project for Korea Southern Power Co., Ltd., the owner and developer of the project. The terms of the agreement were not disclosed, and the value of the LNTP will be included in the company's second-quarter 2011 bookings. Foster Wheeler expects to finalize the contract and to receive full notice to proceed in June, at which time the full value of the contract would be booked. Commercial operation of the new steam generators is scheduled to begin in June 2015. Foster Wheeler will design and supply four 550 MWe (gross megawatt electric) supercritical CFB steam generators and provide site advisory and commissioning services for the project. The CFB steam generators will be designed to burn coal mixed with biomass while meeting all environmental regulatory requirements.