Foster Wheeler Wins Contract for a New Delayed Coker Complex for Petronor in Spain

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Aug. 7, 2007

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Madrid-based subsidiary Foster Wheeler Iberia, S.A.U., part of its Global Engineering and Construction Group, has been awarded a contract by Petroleos del Norte, S.A. (Petronor) for the engineering, procurement and construction management of a delayed coking complex at its refinery at Somorrostro (Vizcaya), in northern Spain. The coking complex will be comprised of a 36,000 barrels per stream day delayed coker, which will use Foster Wheeler's leading SYDEC(SM) delayed coking technology, plus coke handling and storage facilities and a gas concentration unit. Petronor is majority-owned by Repsol YPF.

The contract value was not disclosed and will be included in Foster Wheeler's third-quarter 2007 bookings.

This award follows the successful completion of the process design package by Foster Wheeler's coking center of excellence in Houston and of the front-end engineering design undertaken by Foster Wheeler Iberia.

"This award reflects the successful and long-standing working relationship between Petronor and Foster Wheeler Iberia, which began with our involvement in the design and construction of the new refinery in 1969 at Somorrostro," said Jesus Cadenas, chief executive officer of Foster Wheeler Iberia. "We are very pleased that Petronor has selected Foster Wheeler's technology and project execution expertise for its new delayed coking complex, which will allow it to reduce its production of low-value fuel oil, by upgrading it into higher-value products such as naphtha and diesel."

Foster Wheeler's SYDEC(SM) process is a thermal conversion process used by refiners worldwide to upgrade heavy residue feed and process it into high-value transport fuels. The SYDEC(SM) process achieves maximum clean liquid yields and minimum fuel coke yields. Foster Wheeler is a market leader in delayed coking and has supplied its delayed coking process technology worldwide for over 80 new cokers and has worked on more than 70 delayed coker revamps.

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