FWLT (MM)

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its UK-headquartered subsidiary, Foster Wheeler Energy Limited, part of its Global Engineering and Construction Group, has been awarded a contract to undertake a six-month study for the pre-front-end engineering design (pre-FEED) for Santos Ltd.�s planned Gladstone LNG� (GLNG�) project in Queensland, Australia. The proposed project is for a 3-4 million tonnes per annum liquefied natural gas (LNG) processing facility and associated infrastructure. The GLNG� facility would be one of the first LNG facilities in the world to use coal-bed methane as a feedstock for LNG production. The Foster Wheeler contract value, which was not disclosed, will be included in the company�s second-quarter 2008 bookings. Foster Wheeler is one of two contractors appointed to undertake pre-FEED studies to enable Santos to consider the optimum technical design for, and cost and schedule implications of, two different LNG process technologies for GLNG�. Santos has announced that it anticipates making a decision to move towards a formal FEED process by the end of 2008 or early 2009, a final investment decision by the end of 2009, and first LNG cargoes early in 2014. �This latest LNG award, which is our fourth LNG award in Australia, reflects the depth of our liquefaction expertise, our detailed knowledge of the Australian market, and the added value and objectivity our Reading-based Midstream LNG Group is able to bring to the early stages of LNG project development,� said Michael J. Beaumont, chairman and chief executive officer, Foster Wheeler Energy Limited. �This is clearly a significant milestone, and further demonstrates the momentum which is building around GLNG�. The dual pre-FEED contract awards have been achieved in line with the project schedule and it is pleasing to have such experienced, world-class contractors appointed to the project,� commented David Knox, acting chief executive officer, Santos Ltd. 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 company 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 I, Item 1A �Risk Factors� of the Company�s most recent annual report on Form 10-K 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 environments, 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 its 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, and 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.