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Foster Wheeler Awarded Contract by CEPSA for Fired Heaters in Spanish Refinery.

HAMILTON, Bermuda -- Foster Wheeler Ltd. announced that its Spanish subsidiary, Foster Wheeler Iberia, S.A.U., part of its Global Engineering and Construction Group, has been awarded a contract by Compania Espanola de Petroleos, S.A. (CEPSA), one of the main Spanish refining companies, for the design, material supply, construction, and erection of a new crude heater, a new vacuum heater and a combustion air preheater system for La Rabida Refinery in Huelva, Spain. The new heaters form part of a project CEPSA is undertaking to increase the refinery's production of middle distillates.

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

This latest award follows the award to Foster Wheeler Iberia in the first quarter of 2007 of a contract for the detailed engineering of new crude, vacuum, and gas recovery units at the same refinery, which in turn had followed the company's successful completion of the front-end engineering design for these units. Mechanical completion of the two vertical cylindrical-type heaters and preheater system is scheduled for June 2009.

"We are very pleased with this latest award from CEPSA, which reflects our long track record and experience in the design of fired heaters for crude and vacuum units," commented Jesus Cadenas, chief executive officer of Foster Wheeler Iberia, S.A.U. "The collaboration between CEPSA and our Fired Heater Division dates back to 1967, when we supplied the first fired heaters for CEPSA's Gibraltar-San Roque Refinery."

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 upstream oil and gas, LNG and gas-to-liquids, refining, 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, please visit our Web site at

CEPSA is a diversified energy company whose core business is the refining and marketing of petroleum products. Additionally, the Company has a world-class petrochemicals business, manufacturing intermediates for a wide variety of products used in the food, pharmaceutical, chemical, plastic and textile industries. The Company is also involved in other energy-related activities, such as oil and gas exploration and production, and is rapidly broadening its presence in the natural gas and power sectors as well. Not only is CEPSA a major energy player in Spain, but it also has an expanding global portfolio of operations in countries such as Algeria, Brazil, Canada, Colombia, Egypt, Panama and Portugal, selling its products on all five continents.

Safe Harbor Statement

Foster Wheeler news releases may contain forward-looking statements that are based on management's assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company's expectations regarding revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims, and the costs of current and future asbestos claims, and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in Part II, Item 1A "Risk Factors" of the Company's most recent quarterly report on Form 10-Q and the following, could cause the Company's 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 oil and gas, oil refining, chemical/petrochemical and power industries, changes in the financial condition of its customers, changes in regulatory environment, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to our global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, interruptions to shipping lanes or other methods of transport, outcomes of pending and future litigation, including litigation regarding the Company's liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by foreign and domestic companies, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and clams by third parties against the Company, changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company's control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.
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Publication:Business Wire
Date:Aug 30, 2007
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