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Foster Wheeler joint venture with Three Streams Engineering Ltd. awarded contract for Canadian Oil sands project

Friday, Nov 16, 2012

Foster Wheeler AG (Nasdaq: FWLT) announced today that a joint venture of a subsidiary of its Global Engineering and Construction Group (Foster Wheeler Canada Ltd.) and Three Streams Engineering Ltd. has been awarded the front-end engineering design (FEED) for the proposed Cenovus Energy Inc. Telephone Lake SAGD (steam-assisted gravity drainage) central processing facility phase A development.

“Our emphasis on efficient project implementation through modularization is expected to be an important component in the design. This joint venture expands upon our current and growing market focus in Canada.”

The project, located in northern Alberta, is expected to have an initial production capacity of 90,000 barrels per day (bbls/d) over two phases and an estimated project life of up to 40 years. The project is currently under review by regulators.

The contract value for this project was not disclosed. The booking will be included in the company's fourth-quarter 2012 bookings.

“Our joint venture with Three Streams Engineering Ltd. was formed specifically for the Telephone Lake Project and brings together Three Streams Engineering's familiarity with Cenovus projects and our extensive experience in modularization and execution of engineering projects,” said Umberto della Sala, Chief Operating Officer of Foster Wheeler AG. “Our emphasis on efficient project implementation through modularization is expected to be an important component in the design. This joint venture expands upon our current and growing market focus in Canada.”

Source: Business Wire

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