Foster Wheeler (NASDAQ: FWLT) today announced that its Global Engineering and Construction Group has been released to perform the second phase scope for an existing contract with Ecopetrol S.A. for the Project for the Modernization of the Refinery in Barrancabermeja (PMRB) in Colombia. This release includes additional project management consultancy (PMC) and front end engineering design (FEED), detailed engineering for the crude unit revamps, assisting Ecopetrol in the selection process for engineering, procurement and construction (EPC) contracts, and control and supervision of the EPC and construction contractors.

Ecopetrol is proceeding with the second phase of the PMRB, recently approved by its Board of Directors. The PRMB will add heavy crude processing capability to take advantage of the available domestic heavy sour crudes, and provide a processing configuration to meet the Colombian clean fuels product specifications. This upgrade to the refinery will eliminate fuel oil production and increase overall profitability.

“Ecopetrol continues to demonstrate confidence in our team,” stated Umberto della Sala, Interim Chief Executive Officer, Foster Wheeler AG. “We are extremely pleased to continue working with Ecopetrol on this project, and on the Cartagena Refinery Expansion project in Colombia where we are also PMC. This confirms our leading technical expertise and international execution capabilities in large and complex projects.”

The contract value of this work, which was not disclosed, was included in Foster Wheeler’s second-quarter 2011 bookings. Foster Wheeler booked the FEED in the fourth-quarter of 2008, and has made subsequent bookings since, as further work releases were made by Ecopetrol. The second-quarter 2011 booking was the largest single booking made against this contract, which was first announced by Foster Wheeler in November 2008.

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 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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