Global Power Group of Foster Wheeler AG (FWLT) received a contract to design and supply four circulating fluidized-bed (CFB) steam generators for Essar Power Salaya Limited in India. The contract has been awarded by Essar Projects Limited, a United Arab Emirates (UAE) company. The project is owned and developed by Essar Power Salaya Limited.
Moreover, full notice to carry on with the contract has been received by Foster Wheeler. However, the term of the deal were not disclosed. Second-quarter 2011 bookings of the company include this contract value.
Together with the provision of four 150 MWe (gross megawatt electric) CFB steam generators, Foster Wheeler will also provide site advisory and commissioning services for the project. The technology used in the CFB steam generators will meet the environmental regulatory requirements for burning the mixture of pet coke and coal.
Indian power market has a high growth potential and provides good opportunity for Foster Wheeler’s renowned CFB steam generators. These generators can burn a variety of fuels competently and dependably.
Foster Wheeler AG is based in Zug Switzerland, but its operational headquarters are in Clinton NJ USA. The majority of Foster’s revenues and new businesses originate from outside the United States. The company serves the following industries: Oil and Gas; Oil Refining; Chemical & Petrochemical; Pharmaceutical; Environmental; Power Generation; and Power Plant Operation and Maintenance. The major competitors of Foster Wheeler are Fluor Corporation (FLR) and Jacobs Engineering Group Inc. (JEC).
We continue to maintain a Neutral recommendation on Foster Wheeler, which corresponds to a Zacks #3 Rank (Hold Rating) over the next one-to-three months.
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