Foster Wheeler Awarded Contract by CEPSA for New Refinery Units in Spain

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March 5, 2007

Foster Wheeler Ltd. (Nasdaq: FWLT) is pleased to announce 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 detailed engineering of new crude, vacuum and gas recovery units at La Rabida Refinery in Huelva, Spain. This refinery expansion is part of an investment by CEPSA that is aimed at meeting growing demand in Europe for middle distillates such as diesel fuel and kerosene. This latest award follows the successful completion of the front-end engineering design (FEED) for these units by Foster Wheeler Iberia.

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

"We are proud to receive this award for the next phase of CEPSA's investment at La Rabida, which further extends our excellent 35-year relationship with this client," said Jesus Cadenas, managing director and chief executive officer of Foster Wheeler Iberia. "We have in-depth refining expertise and have a strong and proven track record in crude, vacuum, and gas recovery units."

The crude distillation unit will have a capacity of 90,000 barrels per stream day (BPSD), the vacuum distillation unit capacity will be 30,500 barrels per stream day (BPSD) and the capacity of the gas concentration unit will be approximately 148 tons per hour. Mechanical completion of the new facility is expected during the last quarter of 2009.

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