Foster Wheeler Wins Feed for ADCO's SAS Oilfield Development in Abu Dhabi

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Oct. 3, 2006

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its subsidiary Foster Wheeler International Corporation (Abu Dhabi branch), part of its Global Engineering and Construction Group, has been awarded the front-end engineering design (FEED) by the Abu Dhabi Company for Onshore Oil Operations (ADCO) for the Sahil, Asab and Shah (SAS) oilfield development project in the United Arab Emirates.

The Foster Wheeler contract value was not disclosed and will be included in the company's third-quarter 2006 bookings.

ADCO plans to undertake the full field development of the SAS maturing fields not only to increase production, but also to enhance the environmental aspects of the fields and to provide adequate facilities for their operations.

Foster Wheeler's UK operations will execute the FEED and will update the basis of design, develop the technical data, specifications and requisitions and provide a detailed cost estimate in order to define the engineering, procurement and construction (EPC) scope of work to enable an invitation to bid for the EPC phase to be prepared and issued. Foster Wheeler will also prepare material requisitions for long lead items and obtain estimated prices from vendors. The FEED is scheduled for completion in mid-2007, after which an EPC contractor will be appointed by ADCO. Commissioning of the project is expected in 2010.

"We are delighted to work with ADCO again," said Steve Davies, chairman and chief executive officer of Foster Wheeler's UK operations. "We understand the strategic importance of this project and we will leverage our in-depth oil and gas expertise and our extensive FEED experience to deliver a high quality FEED to ADCO. As we are also a highly experienced EPC contractor, we also understand how to achieve ADCO's ultimate project goals: to minimize disruptions to ongoing operations and to enable the work to be completed in an environmentally sound manner."

"We are very pleased to work with Foster Wheeler again and have every confidence that our joint teams will work together to successfully complete this phase of the project on schedule," commented ADCO's area engineering manager (SAS). "This will provide a firm foundation upon which to build for subsequent phases of the project."

ADCO is part of the ADNOC group of companies and the UAE's largest onshore oil producing company; it operates and produces oil primarily from a number of fields including SAS fields which are located in a desert area some 180 kilometers south of Abu Dhabi City.

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