FWLT (MM)

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its subsidiary, Foster Wheeler Canada Ltd., has been awarded a contract by CanaportTM LNG Limited Partnership to provide project management consultancy services for a liquefied natural gas (LNG) regasification terminal in Saint John, New Brunswick, Canada. CanaportTM LNGLP is a partnership of Repsol YPF, S.A. and Irving Oil Limited. The terms of the award were not disclosed. The project was included in the company's Global Engineering and Construction Group�s third-quarter 2006 bookings. In addition to project management services, Foster Wheeler will also provide technical advisory services during the detailed engineering, procurement, construction, commissioning and start-up phases. Services will be performed in cooperation with Foster Wheeler USA Corporation at its offices in Houston, Texas. �This is an important win for Foster Wheeler in North America,� said Troy Roder, president and chief executive officer, Foster Wheeler USA Corporation. �It demonstrates our client�s confidence in our global LNG experience, our capabilities in Canada, as well as our strong project management expertise.� When commissioned, the CanaportTM LNGLP terminal will have a send-out capacity of one billion cubic feet of natural gas per day. The terminal is scheduled to be completed in late 2008. Notes to Editors: 1. Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of design, engineering, 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, petrochemical, 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, please visit our Web site at www.fwc.com. 2. About Canaport� LNG Canaport� LNG is constructing a state-of-the-art liquefied natural gas (LNG) receiving and regasification terminal in Saint John, New Brunswick that will begin operations in late 2008. Canaport� LNG will be the first liquefied natural gas (LNG) regasification plant in Canada to send natural gas to both Canadian and American Markets. The plant will have a send-out capacity of 304.8 million cubic meters (1 billion cubic feet) of natural gas a day. To learn more, please visit www.canaportlng.com. 3. 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.