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Foster Wheeler signs three-year Statoil frame agreement for FEEDs

Thursday, Dec 13, 2012

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has signed a three-year frame agreement with Statoil Petroleum AS for the provision of front-end engineering design (FEED) services for future projects at the Kårstø and Kollsnes processing plants, located in Norway north of Stavanger and north-west of Bergen, respectively. The frame agreement includes an option for Statoil to extend the agreement for a further two years and for Foster Wheeler to execute concept studies as well as FEEDs.

“We have developed an excellent working relationship with Statoil and have been working with them at these facilities under an existing agreement for some time, as well as working with them on other projects, including Snøhvit LNG”

The value of the agreement was not disclosed. Bookings will be recorded as work is released by Statoil.

The Kårstø processing plant plays a key role in the transport and treatment of gas and condensate from twenty-eight fields on the Norwegian continental shelf, which fields are connected to the plant via pipelines. The Kårstø complex ranks as the world’s third largest export port for liquefied petroleum gases (LPG) and is the biggest in Europe. The processing plant at Kollsnes treats gas from the Troll, Kvitebjørn and Visund fields in the North Sea, and can handle up to 143 million standard cubic meters per day.

Statoil is acting on behalf of Gassco. Gassco is the operator for the Kårstø and Kollsnes processing plants, which are owned by the Gassled joint venture, with Statoil as the technical service provider.

“We have developed an excellent working relationship with Statoil and have been working with them at these facilities under an existing agreement for some time, as well as working with them on other projects, including Snøhvit LNG, ” said Umberto della Sala, Chief Operating Officer of Foster Wheeler AG. “We will continue to focus on providing responsive and flexible service, combining our in-depth technical skills and our significant upstream experience and capability to support Statoil in successfully delivering its planned portfolio of projects at Kollsnes and Kårstø.”

Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs.

manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.

Source: Business Wire

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