Foster Wheeler Awarded Feed/Project Management Services Contract by Saudi Aramco for Khurais Project

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July 5, 2005

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its UK subsidiary Foster Wheeler Energy Limited has been awarded a front-end engineering (FEED) and project management services contract by Saudi Aramco for the Khurais full-field development in Saudi Arabia. This onshore crude increment program aims to deliver 1.2 million barrels per day (b/d) of Arabian light crude by 2009. It is the largest of several projects to be developed under Saudi Aramco's expansion program aimed at increasing oil production capacity to 12.5 million b/d by the end of the decade.

The terms of the contract were not disclosed and the project will be included in Foster Wheeler's second-quarter bookings.

"Foster Wheeler is delighted to be awarded this contract by Saudi Aramco and is proud to be involved in what is one of most important oil projects in the world today," said Steve Davies, chairman and chief executive officer of Foster Wheeler Energy Limited. "This award confirms Saudi Aramco's confidence in our ability to meet their objectives for this project, based on our proven performance on its previous major oil and gas developments, such as Haradh and Qatif. We have consistently met or exceeded Saudi Aramco's safety, quality, schedule and cost targets and are fully committed to delivering the same outstanding performance on the fast-track Khurais project."

"Foster Wheeler was the obvious choice for this work based on its previous experience on the Haradh and Qatif projects and its ability to meet the fast-track schedule with the required quality of personnel," commented Salman Al-Aradi, manager, Khurais Producing Facilities Projects Dept., Saudi Aramco.

Foster Wheeler's scope of work includes a grassroots central processing facility at Khurais, upgrade of support facilities at the Ju'aymah gas plant, inter-field pipelines, utilities and product handling/storage/infrastructure and support facilities. Foster Wheeler will validate the work undertaken to date and will provide overall project management and engineering services for the central processing facility, including certain procurement and construction management services.

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