Foster Wheeler wins Yanbu desal plant deal
Firm to provide condensers and heaters for $1bn project
Foster Wheeler has announced that it has been awarded two contracts to supply five steam condensers and 30 feedwater heaters for phase 3 of the $1bn Yanbu power and desalination plant in Saudi Arabia.
The desalination plant is being built for the Kingdom's Saline Water Conversion Company (SWCC), although Foster Wheeler's contract is with a consortium led by local contractor Al-Toukhi which is leading the joint venture consortium that is building the plant.
Foster Wheeler has not disclosed the terms of the deal, but said the revenues were booked into first-quarter earnings. The equipment will be delivered over 12 months starting in the second quarter of 2015.
The CEO of Foster Wheeler's Global Power Group, Gary Nedelka, said: "Foster Wheeler is honoured to have this opportunity to demonstrate our dedication and commitment to the Kingdom of Saudi Arabia by playing a part in this prestigious project.”
The board of Foster Wheeler has accepted a $3.3bn takeover offer for its business from Amec in February this year.