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Published February 24th, 2010 - 08:39 GMT

Foster Wheeler AG (Nasdaq: FWLT) has announced recently that a subsidiary of its Global Engineering and Construction Group has signed a Joint Venture Agreement to form a jointly owned Saudi Arabian entity with A. Al-Saihati, A. Fattani and O. Al-Othman Consulting Engineering Company (SOFCON) in the Kingdom of Saudi Arabia. The terms of the agreement were not disclosed.

 

The new entity, Foster Wheeler SOFCON Consulting Engineering Company, is planned as a regional engineering hub and will be based in the city of Al-Khobar in the Kingdom of Saudi Arabia. Foster Wheeler SOFCON will focus on providing full-service engineering and project management services for onshore/offshore oil and gas, refining, petrochemicals and associated infrastructure projects in Saudi Arabia.

 

“Foster Wheeler and SOFCON have a long and outstanding record of successful cooperation in project execution in Saudi Arabia. The formation of this new company demonstrates the ongoing commitment of our two companies in working together to deliver successful projects in Saudi Arabia and the provision of high quality services and expertise from a local base,” said Umberto della Sala, president and chief operating officer, Foster Wheeler AG.

 

“It is our goal to make Foster Wheeler SOFCON the leading full-service engineering and project management provider in Saudi Arabia, delivering professional and competitive services in front-end engineering, detailed engineering, procurement, construction and project management. The new entity will bring an enhanced value proposition in the development of the local economy and capabilities,” said Ala’a Fattani, president and chief executive officer, SOFCON.

 

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 14,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction 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 Zug, Switzerland.

 

SOFCON was founded in the year 2000 by engineers Abdullah A. Al-Saihati, Othman R. Al-Othman, and Alaa D. Fattani by merging their respective design engineering organizations into a larger, technically more diverse consolidated company continuously aspiring to achieving the founders’ vision and meeting clients’ expectations in terms of successful delivery of a wide range of local engineering and project management solutions.

 

SOFCON specializes in providing a complete range of program management, engineering design, procurement, construction and environmental services to various clients in the Kingdom of Saudi Arabia and in the Gulf Co-operation Council countries. As a major engineering and project management service provider to Saudi Aramco, Saudi Electric Company, as well as the SABIC Group of Companies, SOFCON has executed a large number of engineering and project management contracts for prestigious projects. SOFCON’s areas of operation include the oil and gas, refining, petrochemicals, power, water and infrastructure business sectors.


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