Foster Wheeler Awarded Contract for Two Circulating Fluidized-Bed Steam Generators...

Foster Wheeler Awarded Contract for Two Circulating Fluidized-Bed Steam Generators by Hanwha Engineering and Construction

HAMILTON, Bermuda--(Business Wire)--
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that a
subsidiary of its Global Power Group has been awarded a contract by
Hanwha Engineering & Construction Corporation (HENC) for the design
and supply of two circulating fluidized-bed (CFB) steam generators to
be located in Gunjang National Industrial Complex (HENC GP Project),
Gunsan City, Republic of Korea.

HENC is a subsidiary of Hanwha Group, a large industrial
conglomerate in Korea. This is the second contract in Korea awarded to
Foster Wheeler by a subsidiary of Hanwha Group; in 2007 Foster Wheeler
received a contract for three CFB steam generators by Hanwha
International Corporation.

Foster Wheeler has received a full notice to proceed on this
contract. The terms of the award were not disclosed, and the contract
value will be included in the company's third-quarter 2008 bookings.

Construction of the two 50 MWe (gross megawatt electric) CFB steam
generators is expected to begin in the spring of 2009 with commercial
operations scheduled for 2010.

"We selected Foster Wheeler because we are confident in both their
CFB technology and their track record of successful CFB projects in
Asia," said Y. D. Chin, executive vice president of Hanwha Engineering
& Construction Corporation.

Foster Wheeler Ltd. is a global engineering and construction
contractor and power equipment supplier delivering technically
advanced, reliable facilities and equipment. The company employs over
14,000 talented professionals with specialized expertise dedicated to
serving our clients through one of its two primary business groups.
The company's Engineering & Construction (E&C) Group designs and
constructs leading-edge processing facilities for the upstream oil and
gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals,
power, environmental, pharmaceuticals, biotechnology and healthcare
industries. The company's Global Power Group is a world leader in
combustion and steam generation technology that designs, manufactures
and erects steam generating and auxiliary equipment for power stations
and industrial facilities and also provides a wide range of
aftermarket services. The company 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
www.fwc.com.

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
environments, 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 its 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, and 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.

Foster Wheeler Ltd.
Media:
Maureen Bingert, 908-730-4444
maureen_bingert@fwc.com
or
Jan Rogers, 908-713-3288
jan_rogers@fwc.com
or
Investor Relations:
Scott Lamb, 908-730-4145
scott_lamb@fwc.com
or
Other Inquiries:
908-730-4000
www.fwc.com/GlobalPowerGroup

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