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HAMILTON, Bermuda, Feb. 3, 2004 -- Foster Wheeler Ltd. announced that its subsidiary, Foster Wheeler Environmental Corp., has begun processing low-level radioactive waste at the Oak Ridge National Laboratory after receiving the United States Department of Energy's (DOE) authorization for start-up.
Processing began after the DOE's completion of a multi-phase, comprehensive Operational Readiness Review (ORR) of the facility design, programs, procedures, management and staff capability.
Upon completion of the final phase of the ORR, DOE declared that the facility was authorized to start processing. Initial operations have processed low-level waste and the first shipment of waste is being transported to the Nevada Test Site for disposal.
"The approval by the DOE of this processing phase at our Oak Ridge waste facility is a significant milestone for Foster Wheeler and for DOE," said Bernard H. Cherry, president and chief executive officer of Foster Wheeler Environmental. "Over the last few years, we have worked closely with the DOE to get to this point, and the commencement of processing operations is a tribute to the hard work and dedication of our respective teams. We are committed to continuing our focus on safety, quality, and reliability, which is imbedded in our management philosophy."
Processing waste is the third of four phases in a long-term contract between the DOE and Foster Wheeler. The first and second phases were for design, engineering, permitting, licensing, and construction. When the processing phase is completed, the fourth phase of the contract will commence during which Foster Wheeler will decontaminate and decommission the facility.
Foster Wheeler invested capital in design, engineering, and construction of the facility under the DOE "Privatization" program. The DOE will reimburse Foster Wheeler for this capital investment during the third phase of operations. Foster Wheeler expects to receive net cash in excess of $40 million in 2004 during this initial phase of process operations.
Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of design, engineering, construction, manufacturing, project development and management, research and plant operation services.
Foster Wheeler serves the refining, oil and gas, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, visit our Web site at www.fwc.com.
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