Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary in its Global Engineering and Construction Group has been awarded a contract by Thai Oil Public Company Limited for the basic design engineering package and engineering, procurement and construction management (EPCm) services for the Emission Improvement and PSA-3 project at Thai Oil’s refinery at Sriracha in Thailand.

The terms of the award were not disclosed and the contract values were included in the company’s first-quarter 2011 bookings.

The project’s objectives are to give the refinery greater flexibility in the crudes it can process, specifically to enable the refinery to process higher sulfur crudes, to upgrade fuel oil to more valuable end products and to meet new sulfur oxides (SOx) emissions regulations coming into force in Thailand.

Residue production will be reduced through the application of deep cut vacuum technology, which helps mitigate the effects of heavier crude slates. In addition, new sour gas handling facilities will be installed, including a sulfur recovery unit and a tail gas treatment unit, and hydrogen production capacity will be expanded by installation of a new pressure swing adsorption unit. Foster Wheeler’s scope also includes a significant element of revamp work.

The project is expected to be completed during the first quarter of 2013.

“Foster Wheeler has enjoyed a long track record of successful projects in Thailand, and specifically for Thai Oil at Sriracha,” said Umberto della Sala, interim chief executive officer, Foster Wheeler AG. “We are very pleased to have won a further strong vote of confidence in our technical expertise and project execution capability with this latest award. We have put together a very capable and experienced team in our Sriracha operation, and this team is very focused on meeting Thai Oil’s objectives for this important project.”

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.

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Foster Wheeler AG 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 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 in the Company’s most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company’s redomestication or the relocation of our principal executive offices to Geneva, Switzerland; the search for a permanent Chief Executive Officer; the benefits, effects or results of our strategic renewal initiative; further deterioration in global economic conditions, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation 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 by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, 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 global competition, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and claims 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.

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