Foster Wheeler Awarded EPC Contract for Refinery Project in Malaysia.

HAMILTON, Bermuda -- Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its subsidiary, Foster Wheeler E&C (Malaysia) Sdn. Bhd., part of its Global Engineering and Construction Group, has been awarded a contract by Malaysian Refining Company Sdn. Bhd. (MRC), a joint venture between PETRONAS and ConocoPhillips, for the basic design engineering package (BDEP) and the engineering, procurement and construction management (EPC) for a debottlenecking/revamp project at MRC's PSR-2 Melaka Refinery in Malaysia.

The Foster Wheeler contract value was not disclosed and the project will be included in the company's first-quarter 2007 bookings.

"This award reflects our in-depth technical expertise in refining, our revamp experience, and our reputation as one of the leading EPC contractors in the industry," said Aziz Ali, director, Foster Wheeler E&C (Malaysia) Sdn. Bhd. "In addition, we have an extensive knowledge of this refinery, having been MRC's front-end engineering design contractor and project management consultant for the original PSR-2 facility, which was completed in 1999. We look forward to building upon our close working relationship with MRC and are committed to delivering a successful project which fully satisfies our client's business objectives."

The debottlenecking and revamp project is expected to permit MRC to increase the overall refinery throughput from 130,000 to 175,000 barrels per day. This project includes the revamp of the hydrocracker unit, significant modifications to the internals of the vacuum distillation and crude distillation units, the installation of additional heat exchangers, and modifications to other process units and associated offsites and utilities.

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, petrochemicals, 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 http://www.fwc.com.

2. Safe Harbor Statement

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