Biomass Boiler Win for Foster Wheeler in Finland.

HAMILTON, Bermuda -- Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Finnish subsidiary Foster Wheeler Energia Oy, part of its Global Power Group, has been awarded a contract for the design, supply and erection of a peat- and biomass-fired circulating fluidized-bed (CFB) boiler island by Tornion Voima Oy, a subsidiary of Etela-Pohjanmaan Voima Oy (EPV). The boiler will be supplied for Tornion Voima's combined heat and power (CHP) plant in Tornio, northern Finland. The CHP plant produces electricity, process steam, and district heat for one of the world's largest stainless steel mills, owned by Outokumpu Stainless Oy.

The value of the contract, which will be included in the company's first-quarter 2006 bookings, is approximately US$35 million. Commercial operation of the new boiler is scheduled for the last quarter of 2007.

Foster Wheeler will supply the 131 thermal megawatt CFB boiler and auxiliary equipment, including a feed water system, flue gas cleaning system and the boiler house, and will carry out the erection and commissioning of the boiler island. The boiler will be designed to burn 100 percent peat or coal, with the flexibility of combining those fuels with wood residues, carbon monoxide gas from the steel mill, or pre-sorted industrial waste.

"Foster Wheeler is very pleased with this award in Finland, one of our home markets," said Bernard H. Cherry, chief executive officer, Foster Wheeler Global Power Group. "Our state-of-the-art CFB technology offers our clients cost-effective fuel flexibility, enabling them to burn indigenous fuels such as peat and biomass, as well as other fuels such as coal and recycled fuel, in an efficient and environmentally friendly way."

"The decision to use CFB technology at our new CHP plant is a logical continuation of our strategy to move EPV's production portfolio in a more environmentally sound direction," said Rami Vuola, managing director of Tornion Voima and EPV. "The CFB boiler is capable of burning a wide range of domestic fuels and is expected to reduce emissions in the Tornio area presently caused by heavy oil firing."

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.

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