Foster Wheeler Awarded Two Circulating Fluidized-Bed Boilers for Cleco's Rodemacher Power Station in Louisiana.

HAMILTON, Bermuda -- Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a U.S. subsidiary within its Global Power Group has been awarded a contract for the design and supply of two circulating fluidized-bed (CFB) boilers by a subsidiary of The Shaw Group Inc., the owner's engineering, procurement, and construction contractor.

The contract, valued at approximately $180 million, calls for Foster Wheeler to provide Cleco Power LLC, a subsidiary of Cleco Corp., with two 330 megawatt (MW) CFB boilers to be used at the company's proposed solid-fuel generating unit planned at its existing Rodemacher Power Station. The two boilers are designed to use multiple fuels and will provide steam to a single 660 MW reheat turbine. The award will be included in Foster Wheeler's first-quarter 2006 bookings.

"This new power plant project is the largest investment Cleco has ever made and this award underscores our client's confidence in our proven CFB technology," said Bernard H. Cherry, chief executive officer of Foster Wheeler Global Power Group. "This new plant will be one of the cleanest solid-fuel plants of its kind and will give Cleco the flexibility to burn a variety of cheaper solid fuels and significantly reduce its consumption of expensive natural gas. This is another example of Foster Wheeler's commitment to supply cost-effective twenty-first century solutions to help our clients in power industries meet their business objectives."

"Current projections of natural gas prices show this proposed unit has the potential to save customers more than $4 billion over 30 years," said Mike Madison, president and CEO of Cleco Corporation.

Foster Wheeler's scope of services includes design and supply of the state-of-the-art CFB boilers, selective non-catalytic reduction systems, and air quality control systems. The advanced boilers will burn solid fuel cleanly while meeting stringent emissions requirements. Construction of the boilers is expected to begin in the spring of 2006, with commercial operation scheduled for July 2009.

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. Cleco Corp. is an energy services company headquartered in Pineville, La. It operates a regulated electric utility company that serves about 265,000 customers across Louisiana. Cleco also operates a wholesale energy business that has more than 1,400 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com

3. The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for government and private sector clients in the energy, chemical, environmental, infrastructure and emergency response markets. Headquartered in Baton Rouge, Louisiana, with over $3 billion in annual revenues, Shaw employs approximately 20,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. The Company was recently named to Fortune magazine's annual list of "America's Most Admired Companies" for the second consecutive year. For further information, please visit Shaw's website at www.shawgrp.com.

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