Foster Wheeler Wins New Hydrotreater Unit in Lithuania for AB Mazeikiu Nafta.

HAMILTON, Bermuda -- Foster Wheeler Ltd. (OTCBB: FWHLF) is pleased to announce that its subsidiary Foster Wheeler Iberia, S.A. has been awarded a contract for the supply and construction of a new fluid catalytic cracker gasoline selective hydrotreater unit (Axens license) at AB Mazeikiu Nafta's Mazeikiai Refinery in northwest Lithuania. The contract value is approximately $43 million and the project will be included in Foster Wheeler's fourth-quarter 2004 bookings.

"This contract represents another important milestone in our penetration of the Eastern European and Russian markets," commented Jesus Cadenas, managing director, Foster Wheeler Iberia, S.A. "We have already executed successful projects in Hungary, Bulgaria, Russia, and Belarus. Our track record demonstrates that we can manage the challenges presented by this project: extreme climatic conditions, adaptation to the country's practices and its language, and the tight project execution period."

Foster Wheeler will be responsible for detailed engineering, equipment and material supply, and construction, up to mechanical completion, which is scheduled for the fourth quarter of 2006.

The new facility comprises two units: a 32,000 barrels per stream day (BPSD) sulfur hydrogenation unit and a 22,000 BPSD hydrodesulfurization unit. This is a strategic project for the refinery, the only refinery in the Baltic States, and will enable it to meet the European Union's Auto-Oils V specifications for the sulfur content of gasoline which come into force in 2009.

Notes to Editors:

1. Foster Wheeler Iberia S.A. is a subsidiary of Foster Wheeler Continental Europe, wholly-owned by Foster Wheeler Ltd. Based in Corsico (Milano) Italy, Foster Wheeler Continental Europe also controls Foster Wheeler Italiana (Corsico), Foster Wheeler France (Paris), Foster Wheeler Bimas (Istanbul), Foster Wheeler Hellas (Athens), Steril Schweiz AG (Basel) and Foster Wheeler Chile (Santiago).

2. Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of design, engineering, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, oil and gas, 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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