Foster Wheeler to Design and Supply Greek Power Plant

Foster Wheeler Limited - 11.29.2005

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a consortium led by its Finnish subsidiary, Foster Wheeler Energia Oy, part of Foster Wheeler's Global Power Group, has been awarded an engineering, procurement and construction contract by Greece's primary electricity utility, Public Power Corporation (PPC), for a 100 MWe heavy-oil-fired power plant. The two-train plant, scheduled for completion in early 2008, will be designed and built by Foster Wheeler and its Greek construction partner, Athena, near the city of Sitia, on the island of Crete. Foster Wheeler will design and construct the power island for the new facility.

The value of Foster Wheeler's scope is approximately 46 million Euros (approximately US$54 million), and was included in the company's third-quarter 2005 bookings. The total value of the award for the consortium is approximately 86 million Euros (approximately US$100 million).

"Foster Wheeler is very pleased to lead the consortium awarded this contract by PPC. This is our Global Power Group's first win in Greece and it opens up an important new market for Foster Wheeler," said Boguslaw Piekarski, president and chief executive officer, Foster Wheeler Energia Oy.

"PPC is delighted that Foster Wheeler is playing a key role in this project, and looks forward to a successful project, completed on time," said Mr. Roussos, director of PPC's Crete and Rhodes Power Stations.

Public Power Corporation is Greece's primary electric utility, providing 96% of the country's electricity.

 

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