Foster Wheeler Wins Contracts for a New Delayed Coker Complex for REPSOL YPF in Spain

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March 14, 2008

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 REPSOL YPF for the detailed engineering, procurement services and construction management of a new delayed coker complex at its refinery at Cartagena, in southeast Spain. The coking complex consists of a 53,000 barrels per stream day (bpsd) delayed coker unit, which will use Foster Wheeler's leading SYDEC(SM) technology, a gas concentration unit and a 90,000 bpsd vacuum distillation unit.

The value of this contract, which was not disclosed, will be included in Foster Wheeler's first-quarter 2008 bookings. In 2007, Foster Wheeler Iberia was awarded a separate contract for the design and supply of the coker fired heaters which are an integral part of the coker unit. The value of the heater award was not disclosed and was included in Foster Wheeler's fourth-quarter 2007 bookings.

This award follows the successful completion of the process design package for the delayed coker unit by Foster Wheeler's coking center of excellence in Houston, and the front-end engineering design by Foster Wheeler Iberia. The basic design of the vacuum distillation unit has already been completed by Foster Wheeler Iberia.

"We are very pleased that REPSOL YPF has selected our delayed coking technology and our project execution expertise for this important project," commented Jesus Cadenas, chief executive officer of Foster Wheeler Iberia S.A.U. "This award follows the similar recent award to us of the coker complex for Petronor's Somorrostro Refinery in Spain. The Petronor refinery is majority owned by REPSOL YPF."

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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