FWLT (MM)

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that two subsidiaries in its Global Engineering and Construction Group, Foster Wheeler Energy Limited and Foster Wheeler Arabia Limited, have been awarded a front-end engineering design (FEED) and project management services contract by Saudi Aramco for the Manifa Arabian Heavy Crude Program, in the Kingdom of Saudi Arabia. The terms of the contract were not disclosed, and the project will be included in the company�s fourth-quarter 2006 bookings. The Manifa Arabian Heavy Crude Program, planned for mid-2011 completion, includes the development of the giant offshore Manifa oilfield and the construction of gas-oil separation plants and crude stabilization units and separators. These additions will handle 900,000 barrels per day of Arabian heavy crude, plus sour associated gas, condensate and produced water. The project also includes the expansion of the Khursaniyah Gas Plant to process the associated sour gas. Completion of the FEED is planned for the third quarter of 2007. Foster Wheeler�s scope includes: The FEED for the onshore central processing facility, and the expansion of gas facilities at Khursaniyah; Detailed design support; Purchasing assistance for long-lead items; Coordination of the FEED development work performed by others for other elements of the Program, including the offshore facilities; and Development of the bid package for the invitation to bid for engineering, procurement and construction of the onshore facilities. �We are pleased that Saudi Aramco has entrusted Foster Wheeler with another of its major developments,� said Steve Davies, chairman and chief executive officer of Foster Wheeler Energy Limited. �The upstream oil and gas sector and our excellent, long-standing relationship with Saudi Aramco are both strategically important for us. We are committed to delivering another high quality project which meets or exceeds all of Saudi Aramco�s expectations.� �Providing the world with a reliable supply of energy is one of Saudi Aramco�s core objectives, and the Manifa project�s 900,000 barrels per day of production capacity is an important part of that,� said Mohammad A. Al-Juwair, Saudi Aramco�s acting executive director of Project Management. �Saudi Aramco is committed to the timely completion of this massive project,� he added, �and we are confident that working with Foster Wheeler will help us meet our ambitious timeline.� Notes to Editors: 1. Foster Wheeler Ltd. 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 refining, upstream oil and gas, LNG and gas-to-liquids, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, visit our Web site at http://www.fwc.com. 2. Safe Harbor Statement This press release may contain forward-looking statements that are based on the Company�s assumptions, expectations and projections about Foster Wheeler and the various industries within which it operates. These include statements regarding the Company�s expectation about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims, and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described under Part II, Item 1A. �Risk Factors� in its most recent quarterly report on Form 10-Q, could cause business conditions and results to differ materially from what is contained in forward-looking statements: changes in the rate of economic growth in the United States and other major international economies; changes in investment by the power, oil and gas, pharmaceutical and chemical/petrochemical industries; changes in the financial condition of the Company�s customers; changes in regulatory environment; changes in project design or schedules; contract cancellations; changes in the Company�s estimates of costs to complete projects; changes in trade, monetary and fiscal policies worldwide; currency fluctuations; war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided; outcomes of pending and future litigation, including litigation regarding the Company�s liability for damages and insurance coverage for asbestos exposure; protection and validity of the Company�s patents and other intellectual property rights; increasing competition by foreign and domestic companies; compliance with the Company�s debt covenants; recoverability of claims against the Company�s customers and others by the Company and claims by third parties against the Company; and changes in estimates used in the Company�s critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company�s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. Foster Wheeler undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission. Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that two subsidiaries in its Global Engineering and Construction Group, Foster Wheeler Energy Limited and Foster Wheeler Arabia Limited, have been awarded a front-end engineering design (FEED) and project management services contract by Saudi Aramco for the Manifa Arabian Heavy Crude Program, in the Kingdom of Saudi Arabia. The terms of the contract were not disclosed, and the project will be included in the company's fourth-quarter 2006 bookings. The Manifa Arabian Heavy Crude Program, planned for mid-2011 completion, includes the development of the giant offshore Manifa oilfield and the construction of gas-oil separation plants and crude stabilization units and separators. These additions will handle 900,000 barrels per day of Arabian heavy crude, plus sour associated gas, condensate and produced water. The project also includes the expansion of the Khursaniyah Gas Plant to process the associated sour gas. Completion of the FEED is planned for the third quarter of 2007. Foster Wheeler's scope includes: -- The FEED for the onshore central processing facility, and the expansion of gas facilities at Khursaniyah; -- Detailed design support; -- Purchasing assistance for long-lead items; -- Coordination of the FEED development work performed by others for other elements of the Program, including the offshore facilities; and -- Development of the bid package for the invitation to bid for engineering, procurement and construction of the onshore facilities. "We are pleased that Saudi Aramco has entrusted Foster Wheeler with another of its major developments," said Steve Davies, chairman and chief executive officer of Foster Wheeler Energy Limited. "The upstream oil and gas sector and our excellent, long-standing relationship with Saudi Aramco are both strategically important for us. We are committed to delivering another high quality project which meets or exceeds all of Saudi Aramco's expectations." "Providing the world with a reliable supply of energy is one of Saudi Aramco's core objectives, and the Manifa project's 900,000 barrels per day of production capacity is an important part of that," said Mohammad A. Al-Juwair, Saudi Aramco's acting executive director of Project Management. "Saudi Aramco is committed to the timely completion of this massive project," he added, "and we are confident that working with Foster Wheeler will help us meet our ambitious timeline." Notes to Editors: 1. Foster Wheeler Ltd. 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 refining, upstream oil and gas, LNG and gas-to-liquids, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, visit our Web site at http://www.fwc.com. 2. Safe Harbor Statement This press release may contain forward-looking statements that are based on the Company's assumptions, expectations and projections about Foster Wheeler and the various industries within which it operates. These include statements regarding the Company's expectation about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims, and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described under Part II, Item 1A. "Risk Factors" in its most recent quarterly report on Form 10-Q, could cause business conditions and results to differ materially from what is contained in forward-looking statements: changes in the rate of economic growth in the United States and other major international economies; changes in investment by the power, oil and gas, pharmaceutical and chemical/petrochemical industries; changes in the financial condition of the Company's customers; changes in regulatory environment; changes in project design or schedules; contract cancellations; changes in the Company's estimates of costs to complete projects; changes in trade, monetary and fiscal policies worldwide; currency fluctuations; war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided; outcomes of pending and future litigation, including litigation regarding the Company's liability for damages and insurance coverage for asbestos exposure; protection and validity of the Company's patents and other intellectual property rights; increasing competition by foreign and domestic companies; compliance with the Company's debt covenants; recoverability of claims against the Company's customers and others by the Company and claims by third parties against the Company; and changes in estimates used in the Company's critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company's control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. Foster Wheeler undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.