Foster Wheeler Iberia / Soluziona Ingenieria Awarded Contract for Spanish LNG Terminal Project By Reganosa

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June 30, 2004

Foster Wheeler Ltd. (OTCBB:FWLRF) announced today that its subsidiary Foster Wheeler Iberia, S.A., in a joint venture with Soluziona Ingenieria, S.A., has been awarded a contract by Regasificacion del Noroeste, S.A. (Reganosa) for project management consultancy at the new liquid natural gas (LNG) terminal project located at Mugardos-Ferrol, Spain. The terms of the contract were not disclosed.

"We are very pleased that Reganosa has awarded Foster Wheeler /Soluziona Ingenieria this significant LNG project in Spain," stated Jesus Cadenas, chief executive officer of Foster Wheeler Iberia. "The natural gas market is one of the most active energy segments in the world and increasingly important in Spain, where demand is expected to double by 2010. Our work with Reganosa and other gas companies solidifies Foster Wheeler Iberia's position as one of the leading Spanish engineering contractors in the natural gas sector. This project also adds to the work Foster Wheeler is doing globally leveraging our deep experience in the important and growing LNG market."

The LNG terminal project includes two 150,000 cubic-meter tanks, regasification facilities and pipelines. The project is scheduled to be completed during the fourth quarter of 2006. This will be the sixth LNG terminal to be constructed in Spain and will receive LNG from various sources.

The booking was included in the first-quarter.

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