FWLT (MM)

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Milan-based subsidiary Foster Wheeler Italiana S.p.A., part of its Global Engineering and Construction Group, has been awarded a contract by Italiana Energia e Servizi S.p.A. (IES) for the engineering, procurement and construction supervision services for a modernization project at IES� Mantua refinery in northern Italy. The refinery modernization aims to produce automotive diesel complying with European Union ultra-low-sulfur specifications and reduce refinery emissions to the environment. The majority of Foster Wheeler�s contract value, which was not disclosed, was included in the company�s first-quarter 2007 bookings, and the balance will be included in the company�s second-quarter 2007 bookings. The project has been awarded to Foster Wheeler under the terms of a three-year general framework agreement for engineering, procurement and construction management services signed with IES in 2006. The contract includes new gasoil hydrodesulfurization, sulfur recovery and amine washing units, a new flare system and utilities and offsites. Foster Wheeler will also upgrade the existing mild hydrocracking and gasoil hydrodesulfurization units, steam and electrical systems. �We are extremely pleased with this award by IES, which follows our successful execution of the front-end engineering design for this modernization project,� said Marco Moresco, chief executive officer of Foster Wheeler Italiana. �We will spare no efforts in continuing to deliver our best performance to IES.� �We look forward to strengthening our business relationship with Foster Wheeler Italiana,� said Adolfo Vannucci, managing director of IES. �Our approach to the management of this project is on a collaborative partnership basis and we are confident that Foster Wheeler will provide us with superior performance in the successful implementation of this project.� 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.