Foster Wheeler Environmental Selected to Negotiate Contract by Air Force Center for Environmental Excellence -AFCEE-.

Business Editors

CLINTON, N.J.--(BUSINESS WIRE)--Feb. 3, 2003

Foster Wheeler Ltd. (NYSE: FWC) today announced that its subsidiary, Foster Wheeler Environmental Corporation, has been selected for award of an Architecture-Engineering (A-E), Indefinite Delivery/Indefinite Quantity (ID/IQ) contract to provide a wide range of environmental services worldwide.

This is a multiple award contract with a maximum potential contract ceiling value of $1.1 billion for all selected contractors. Under this contract, Foster Wheeler Environmental will perform environmental investigation, conservation, planning, compliance, and pollution prevention; A-E services for infrastructure design and construction, military family housing, Military Construction (MILCON); and efforts relating to Home Land security. The contract will have an ordering period of five years with the period of performance extending two years beyond the ordering period.

This is the second consecutive A-E services contract the company has received from AFCEE. Also, under a separate Environmental Remedial Action Contract (ENRAC), Foster Wheeler Environmental is providing remediation services to U.S. Air Force installations and other government agencies worldwide. Under the ENRAC, Foster Wheeler Environmental provides multiple full-service technology capabilities to clean up various contaminants in environmental media (air, water, or soil); repair, maintain, construct, and operate environmental sites and facilities; and related activities.

"We are honored and pleased to be selected for our third contract by AFCEE," said Sam Box, chairman, president, and CEO of Foster Wheeler Environmental. "We are committed to providing AFCEE and its customers solid management and technical capabilities, as well as to achieving all program goals. We look forward to continuing and expanding our relationship with AFCEE," he noted.

Notes to Editors:

1. Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of design, engineering, construction, manufacturing, project development and management, research, plant operation and environmental services. The corporation's operational headquarters are in Clinton, N.J. For more information about Foster Wheeler, visit our Web site at www.fwc.com.

2. Safe Harbor Statement

This news release contains forward-looking statements that are based on management's assumptions, expectations and projections about the various industries within which the corporation operates. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The corporation cautions that a variety of factors, including but not limited to the following, 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 energy, power and environmental industries, changes in regulatory environment, changes in project schedules, changes in trade, monetary and fiscal policies worldwide, currency fluctuations, outcomes of pending and future litigation, protection and validity of patents and other intellectual property rights, increasing competition by foreign and domestic companies, changes in financial markets, and the outcome of cash-generation initiatives.