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29 June 2006 - Foster Wheeler Ltd. announced today that Foster Wheeler North America Corp., a unit of its Global Power Group, has entered into a contract with Shanghai Boiler Works, Ltd., a unit of Shanghai Electric Corporation, to provide an advanced technology license for arch-fired subcritical and supercritical steam generators.
The value of the initial fees will be included in the company's second-quarter 2006 bookings, and on going royalty payments will be booked over the fifteen-year agreement period.
Foster Wheeler's leading arch-fired design steam generator technology and overall boiler design "know-how" offers China's growing power market a state-of-the-art solution for firing difficult-to-burn low volatile coals in large-scale utility-size steam generators, with high efficiency and reduced emissions.
In addition to the Chinese market where Shanghai Boiler Works Ltd. will lead the contracting activities, Foster Wheeler and Shanghai Boiler Works Ltd. have agreed to cooperate for projects outside China, with Foster Wheeler providing design packages and other project support.
"The award of this contract further extends the relationship between Foster Wheeler and Shanghai Boiler Works, which dates back over 15 years for projects in China, Asia and other parts of the world," said Raymond J. Milchovich, chairman, president and CEO of Foster Wheeler Ltd. "This contract opens up additional markets for Foster Wheeler in China and also enhances our overall capability and cost-competitiveness for projects outside China. Our two companies each bring complementary strengths: Foster Wheeler has considerable arch-fired experience in China, including the direct sale and license sale of over 40 boilers and 15 000 electric megawatts (MWe) of power, and Shanghai Boiler Works Ltd. is a leading presence in the Chinese power market, having placed over 60 000 MWe of capacity in service over the past several years."
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