Foster Wheeler Awarded FEED Contract to Develop World-Scale Integrated Refinery/Petrochemical Complex by Saudi Aramco/Sumitomo

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May 26, 2004

Foster Wheeler Ltd. (OTCBB: FWLRF) announced today that its subsidiary Foster Wheeler Energy Limited has been awarded a Program Management Services contract by Saudi Aramco and its partner, Sumitomo Chemical Co., Ltd. of Japan, for the planned development of a large, integrated refining and petrochemical complex at the Red Sea town of Rabigh, Saudi Arabia.

Under the scope of the contract, Foster Wheeler will undertake the 12-month Front-End Engineering Design (FEED), develop capital and operating cost estimates and prepare bid packages. The terms of the contract were not disclosed.

Once implemented, the proposed multi-billion dollar Rabigh Project would be one of the largest integrated complexes ever to be built at one time. A total of 2.2 million tons of olefins, along with large volumes of gasoline and other refined products, would be produced. Saudi Aramco's existing topping refinery and infrastructure at Rabigh will serve as the base platform for the development of the proposed complex.

Steve Davies, managing director, Global Sales Marketing and Strategic Planning, Foster Wheeler, said: "This is a significant win for Foster Wheeler and reflects our competitive market position, the quality of our team, our superior engineering capabilities and our proven capacity and ability to manage complex, world-scale projects."

Isam A. Al-Bayat, vice president, New Business Development, Saudi Arabian Oil Company, said: "We selected Foster Wheeler after a rigorous review process of competitive bids because of their in-depth petrochemical experience and the quality of their past work for Saudi Aramco, particularly in producing high quality FEEDs, on time, as they did for our Haradh and Qatif projects."

O. Ishitobi, managing executive officer, Sumitomo Chemical Co., Ltd., said: "We are pleased to be working with Foster Wheeler on this landmark project. They were the best qualified engineering organization and have an impressive track record which gives us confidence that they will deliver the results we require."

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