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 program management services contract by Saudi Aramco for the Karan onshore gas processing facilities at Khursaniyah, Kingdom of Saudi Arabia. The Foster Wheeler contract value was not disclosed. The award will be included in the company�s second-quarter 2007 bookings. The onshore gas processing facilities will process one billion standard cubic feet per day (SCFD) of gas from the Karan offshore gas field, which is being developed on a fast-track basis to come onstream in 2011. The new onshore facilities are expected to deliver sales gas to meet the growing Saudi demand for gas. In addition, a small percentage of the sales gas will be utilized for the plant fuel and 640 tonnes per day of sulfur will be produced. The facilities would comprise gas processing trains, and would include acid gas removal, dehydration, sulfur recovery, substations and all associated utilities and infrastructure. �This award further demonstrates the confidence that Saudi Aramco has in the quality of our technical and project execution expertise,� said Steve Davies, chairman and chief executive officer, Foster Wheeler Energy Limited. �We are immensely proud of our long and successful track record of delivering upstream and downstream projects for both Saudi Aramco and its joint venture partners. We are fully committed to meeting these same high standards for technical excellence and service for the Karan gas program.� �The Karan project will push economic development and enhance the hydrocarbon resources in the Kingdom by increasing sales gas production capacity in commercial quantities. That gas, estimated at one billion standard cubic feet per day, when linked to the Master Gas System will provide fuel and feedstock to petrochemical industries and will provide jobs for Saudi citizens,� commented Ali A. Al-Ajmi, vice president, project management, Saudi Aramco. 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 upstream oil and gas, LNG and gas-to-liquids, refining, 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, please visit our Web site at www.fwc.com. Safe Harbor Statement Foster Wheeler news releases may contain forward-looking statements that are based on management�s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company�s expectations regarding 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 in Part II, Item 1A �Risk Factors� of the Company�s most recent quarterly report on Form 10-Q and the following, could cause the Company�s 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 oil and gas, oil refining, chemical/petrochemical and power industries, changes in the financial condition of its customers, changes in regulatory environment, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to our global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, interruptions to shipping lanes or other methods of transport, 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 its patents and other intellectual property rights, increasing competition by foreign and domestic companies, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and clams by third parties against the Company, changes in estimates used in its 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. The Company 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.