This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Foster Wheeler Awarded Contract For Cooperation On A Utility Circulating Fluidized-Bed Steam Generator In Korea

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Power Group has been awarded a contract by Doosan Heavy Industries & Construction Co., Ltd. for cooperation in the design of a circulating fluidized-bed (CFB) steam generator for the Yeosu Thermal Power Plant 1 Project for Korea South East Power Co., Ltd. (KOSEP).

Doosan Heavy Industries & Construction will supply the major equipment, including the CFB boiler and turbine generator for the Yeosu 1 project which will replace an existing heavy-oil fired unit.

Foster Wheeler will provide the design review of the 350 MWe (gross megawatt electric) CFB steam generator for Doosan Heavy Industries & Construction Co., Ltd., Foster Wheeler’s licensee for Utility CFB technology in the region.

Foster Wheeler has received a full notice to proceed on this contract. The terms of the agreement were not disclosed, and the contract value will be included in the company’s third-quarter 2012 bookings. Commercial operation of the new steam generator is scheduled for the first quarter of 2015.

“We are gratified by the way in which high-end utility clients around the world continue to embrace Foster Wheeler’s advanced CFB technology,” said Tomas Harju-Jeanty, President and Chief Executive Officer of Foster Wheeler Energia Oy Group. “This is our second contract for KOSEP for repowering of an older utility plant – and stands as yet another example of the way in which the fuel flexibility and environmental performance of the CFB make it a natural choice for many utility clients.”

“With the growing use of low-quality coal, of which there are large reserves, demand for CFB boilers is increasing not only in Korea but also in foreign countries,” said Dongsoo Suh, head of the Power Business Group at Doosan Heavy Industries & Construction. “The Foster Wheeler CFB eco-friendly technology is highly efficient in reducing fuel costs due to its ability to use these low-quality coals as fuel.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs