FOSTER Wheeler’s UK-headquartered subsidiary, Foster Wheeler Energy, part of its Global Engineering and Construction Group, has been awarded a contract by the Bahrain National Gas Company (Banagas) to carry out the pre-Feed (pre-front-end engineering design) for the revamp and expansion of the Banagas liquefied petroleum gas (LPG) facilities in Bahrain.

The expansion will allow the plant to increase its gas throughput, which is planned to reach 530 million standard cubic feet per day (mmscfd) by 2020.The Foster Wheeler contract value for this project was not disclosed and will be included in the company’s first-quarter 2008 bookings.Foster Wheeler will develop the configuration for the expanded plant, which will include high-yield LPG recovery unit(s).
The company will also produce a licensor evaluation and the basis of design for the selected technology and other areas to be revamped for inclusion in an invitation to bid for the Feed phase of the project. “The award of this contract continues Foster Wheeler’s long-standing relationship with Banagas,” says Michael J Beaumont, chairman and chief executive officer, Foster Wheeler Energy Limited.
“With our knowledge of Banagas’ existing facilities and our in-depth technical expertise, we will work with our client to develop an optimised development scheme of this expansion.”Foster Wheeler is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services.
Foster Wheeler serves the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The company’s Engineering and Construction (E&C) Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, environmental, pharmaceuticals, biotechnology and healthcare industries.
The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services.
The company is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, the US. Meanwhile, Foster Wheeler reported record net income for the second quarter of 2008 of $160.8 million, or $1.11 per diluted share, compared with $71.9 million, or $0.50 per diluted share, in the second quarter of 2007. Net income in the second quarter of 2008 included a net asbestos-related gain of $18.3 million, or $0.13 per share.
Excluding this item, net income in the second quarter of 2008 was a record $142.5 million, or $0.98 per diluted share.Second-quarter 2008 consolidated Ebitda (earnings before interest expense, income taxes, depreciation and amortisation) was a record $220.4 million, compared with $118.6 million in the second quarter of 2007.