Foster Wheeler Awarded Contract for Refinery Revamp in Lithuania.

HAMILTON, Bermuda -- Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that Milan-based Foster Wheeler Italiana S.p.A., part of its Global Engineering and Construction Group, received AB Mazeikiu Nafta's Letter of Award and Notice to Proceed on March 3, 2006, and subsequently signed the formal contract on May 8, 2006, for the revamp of the Mazeikiai refinery in the Republic of Lithuania, the only refinery in the Baltic states. This revamp forms part of a comprehensive modernization program which will enable the refinery to meet future European Union fuel quality specifications. The terms of the award were not disclosed and the contract will be included in Foster Wheeler's second-quarter 2006 bookings.

Foster Wheeler will provide basic design, front-end engineering, detailed design and procurement services for the revamp of the existing refinery, including a vacuum unit, vacuum gasoil hydrotreater, diesel/kerosene hydrodesulphurization unit, fluid catalytic cracking unit (FCCU), amine and sulfur recovery unit and all related utilities. The capacity of the FCCU will be increased from 45,000 barrels per stream day (bpsd) to 60,000 bpsd. In addition, Foster Wheeler's scope includes a new vacuum flasher, refinery instrumentation and modernization of all of the refinery's heaters.

"This award underscores AB Mazeikiu Nafta's confidence in Foster Wheeler," said Marco Moresco, director, commercial operations, Foster Wheeler Italiana. "It follows the award of a contract to Foster Wheeler's Madrid operation in 2004 to design and supply a new fluid catalytic cracker gasoline selective hydrotreater unit. This latest contract will be a real team effort, with three Foster Wheeler engineering centers, Milan, Istanbul and the newly established Moscow operation, providing their expertise and experience."

"We have selected Foster Wheeler for this challenging project because of its ability to make available skilled resources from its various operations centers, under the management of Foster Wheeler Milan," said Barton L. Luck, deputy general director for plant engineering, AB Mazeikiu Nafta.

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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