Foster Wheeler AG (FWLT) recently announced the receipt of a heat recovery steam generator (HRSG) contract by its subsidiary – Global Power Group – from Saudi Arabia-based engineering, procurement and construction firm, Al-Toukhi Company. Foster Wheeler will record the deal in its third-quarter 2014 bookings.
Per the agreement, Foster Wheeler will be providing four vertical design HRSG units for installation at Saudi Electricity Company’s (SEC) Hail Power Plant in the Kingdom of Saudi Arabia. Apart from building the unit, the company will act as an advisory body aiding its set up and initiation as well.
The power plant already consists of four existing Siemens SGT-2000 combustion turbines and Arabian Light Crude oil fired boilers. Foster Wheeler will provide a steam turbine and four HRSG, which will be incorporated to convert it into a combined cycle system leading to an increase in the plant’s power output by 147 MW(megawatt). Moreover, this increase will not have any impact on the existing fuel consumption levels.
Foster Wheeler’s heat recovery steam generators are not only thermally efficient but also offer increased reliability and low maintenance. In the recent past, the company’s Global Power Group had received another heat recovery steam generator contract from Spain-based electric utility company, Iberdrola.
Foster Wheeler currently has a Zacks Rank #3 (Hold). Better-ranked stocks worth considering in the sector at present include Willdan Group Inc. (WLDN), VSE Corp. (VSEC) and AO Smith Corp (AOS). While Willdan Group sports a Zacks Rank #1 (Strong Buy), both VSE Corp. and AO Smith carry a Zacks Rank #2 (Buy).
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