Foster Wheeler Joint Venture with WorleyParsons Awarded Feed Contract for Pluto LNG Expansion

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Nov. 16, 2009

Foster Wheeler AG (Nasdaq: FWLT) announced that a joint venture of its Global Engineering and Construction Group, with partner WorleyParsons Services Pty Ltd., has been awarded a front-end engineering design (FEED) contract by Woodside for Train 2 and Train 3 of the Pluto liquefied natural gas (LNG) Project in Australia. The contract also includes an option for early EPCm services.

The contract value for this award was not disclosed. Foster Wheeler’s portion of the contract value will be included in the company’s fourth-quarter 2009 bookings. The FEED is expected to be completed in the second half of 2010.

Raymond J. Milchovich, chairman and chief executive officer of Foster Wheeler, said, “We look forward to the successful completion of the Pluto foundation project and to the next phase of work on Trains 2 and 3. At the same time, we recognize and support the commercial strategy of Woodside, which has chosen to award dual competing FEEDs for the Pluto expansion. Given our understanding of the project and our technical expertise, we are confident in our ability to deliver a FEED that meets or exceeds the client’s expectations.”

John Grill, chief executive officer of WorleyParsons, said, “We are delighted that, once again, Woodside has chosen the joint venture of Foster Wheeler and WorleyParsons to play a pivotal role in its strategic objective of expanding world-scale LNG operations. ”

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