HAMILTON, Bermuda--(BUSINESS WIRE)--

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its subsidiary Foster Wheeler International Corporation (Abu Dhabi branch), part of its Global Engineering and Construction Group, has been awarded the front-end engineering design (FEED) by the Abu Dhabi Company for Onshore Oil Operations (ADCO) for the Sahil, Asab and Shah (SAS) oilfield development project in the United Arab Emirates.

The Foster Wheeler contract value was not disclosed and will be included in the company’s third-quarter 2006 bookings.

ADCO plans to undertake the full field development of the SAS maturing fields not only to increase production, but also to enhance the environmental aspects of the fields and to provide adequate facilities for their operations.

Foster Wheeler’s UK operations will execute the FEED and will update the basis of design, develop the technical data, specifications and requisitions and provide a detailed cost estimate in order to define the engineering, procurement and construction (EPC) scope of work to enable an invitation to bid for the EPC phase to be prepared and issued. Foster Wheeler will also prepare material requisitions for long lead items and obtain estimated prices from vendors. The FEED is scheduled for completion in mid-2007, after which an EPC contractor will be appointed by ADCO. Commissioning of the project is expected in 2010.

“We are delighted to work with ADCO again,” said Steve Davies, chairman and chief executive officer of Foster Wheeler’s UK operations. “We understand the strategic importance of this project and we will leverage our in-depth oil and gas expertise and our extensive FEED experience to deliver a high quality FEED to ADCO. As we are also a highly experienced EPC contractor, we also understand how to achieve ADCO’s ultimate project goals: to minimize disruptions to ongoing operations and to enable the work to be completed in an environmentally sound manner.”

"We are very pleased to work with Foster Wheeler again and have every confidence that our joint teams will work together to successfully complete this phase of the project on schedule,” commented ADCO’s area engineering manager (SAS). “This will provide a firm foundation upon which to build for subsequent phases of the project.”

ADCO is part of the ADNOC group of companies and the UAE’s largest onshore oil producing company; it operates and produces oil primarily from a number of fields including SAS fields which are located in a desert area some 180 kilometers south of Abu Dhabi City.

Notes to Editors:

1. 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 refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, 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, visit our Web site at www.fwc.com.

2. Safe Harbor Statement

This press release may contain forward-looking statements that are based on the Company’s assumptions, expectations and projections about Foster Wheeler and the various industries within which it operates. These include statements regarding the Company’s expectation 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 under Part II, Item 1A. “Risk Factors” in its most recent quarterly report on Form 10-Q, could cause 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 power, oil and gas, pharmaceutical and chemical/petrochemical industries; changes in the financial condition of the Company’s customers; changes in regulatory environment; changes in project design or schedules; contract cancellations; changes in the Company’s estimates of costs to complete projects; changes in trade, monetary and fiscal policies worldwide; currency fluctuations; war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided; 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 the Company’s patents and other intellectual property rights; increasing competition by foreign and domestic companies; compliance with the Company’s debt covenants; recoverability of claims against the Company’s customers and others by the Company and claims by third parties against the Company; and changes in estimates used in the Company’s 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. Foster Wheeler 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.

_______________________________________________________________

Foster Wheeler Ltd.
United States
Maureen Bingert, 908-730-4444
maureen_bingert@fwc.com
or
United Kingdom
Anne Chong, 44 (0) 118-913-2106
anne_chong@fwuk.fwc.com
or
Other Inquiries, 908-730-4000
fw@fwc.com

© Business Wire 2006