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Foster Wheeler awarded study for Statoil LNG facility improvement

Feb 17, 2014   + + +  Foster Wheeler AG announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by Statoil Petroleum AS to perform a study for the Snøhvit Improvement Project 2 at Melkøya, 450 kilometers north of the Arctic Circle in Norway. The Foster Wheeler contract value was not disclosed and will be included in the company’s fourth-quarter 2013 bookings.

Foster Wheeler will define long-term solutions to achieve the Snøhvit partnership’s objectives of increasing the operating performance of the LNG facility and increasing the capacity and feed gas flexibility of the plant. This concept study is scheduled for completion in the third quarter of 2014.

“We have been working with Statoil and its Snøhvit partners for more than five years,” said Roberto Penno, Chief Executive Officer of Foster Wheeler Global E&C Group. “We are pleased to have this opportunity to continue to add value for our client through the application of our LNG expertise and our brownfield experience to develop innovative technical and project execution approaches.”

Source: Foster Wheeler Published in Oil & Gas Journal and PennEnergy


+ + + 


Oil & Gas: Foster Wheeler to be bought by AMEC

Feb 14, 2014   + + +  Foster Wheeler AG today announced that it has entered into a definitive agreement with AMEC plc pursuant to which AMEC will make an offer to acquire all the issued and to be issued share capital of the Company. Under the terms of the offer, AMEC will offer to exchange for each outstanding share of Foster Wheeler common stock transaction consideration consisting of 0.8998 shares of AMEC stock and $16.00 in cash.
Separately, Foster Wheeler expects to pay a one-time dividend of $0.40 per share prior to, and not conditional on, the closing of the offer. The Company expects that there will be no Swiss withholding taxes on the dividend. Today’s announcement follows the January 13, 2014 announcement of a provisional agreement between the parties.

Kent Masters, President and Chief Executive Officer of Foster Wheeler, said, “Both companies have strategies that are highly focused on growth, and our combination will help deliver on Foster Wheeler’s key strategic objectives: establishing material positions in upstream and minerals and metals, building positions in growth geographies and extending our services offering.” Specifically, the combination is expected to result in a company with:

- Complementary and more competitive market positions in offshore and onshore upstream oil and gas, gas monetization, refining and chemicals, minerals and metals, power and clean energy, environment & infrastructure and pharmaceuticals
- An expanded, geographically diverse global presence, with offices and projects in more than 50 countries
- A material increase in capacity, with a total headcount of more than 40,000 employees
- A strong financial profile, with annual pro forma revenues of approximately $10 billion and backlog of approximately $10 billion
 
The Company believes that the meaningful equity component of the transaction consideration will allow its shareholders to participate in the strategic and commercial benefits of the combined company, including significant potential synergies. Under the terms of the transaction, Foster Wheeler’s existing shareholders will own approximately 23% of the combined company. At the closing of the offer, two of the Company’s non-executive directors are expected to join AMEC’s board as non-executive directors.

The offer is subject to customary closing conditions, including receipt of applicable antitrust approvals, including in the EU and the US, approval of the transaction by AMEC’s shareholders and approval by the Company’s shareholders of the removal of certain restrictions in the Company’s charter documents, a minimum of 80% of the Company’s shares having been tendered in the offer (which condition can be waived down to 66-2/3% at the option of AMEC) and approvals relating to the shares to be issued by AMEC by the US Securities and Exchange Commission and the UK Listing Authority. The transaction is expected to close in the second half of 2014.

Source: Foster Wheeler / Published by Oil & Gas Journal and PennEnergy







 








 




 

 





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