HAMILTON, Bermuda--(BUSINESS WIRE)--April 5, 2004

Foster Wheeler Ltd. (OTCBB: FWLRF) announced today that its subsidiary Foster Wheeler Energy Limited has been awarded a contract to proceed with the detailed engineering, procurement and construction planning for the low-sulfur automotive diesel oil (LSADO) project for Saudi Aramco Mobil Refinery Co Ltd (SAMREF) based at Yanbu, Saudi Arabia. The total investment value of the project is $18 million. The terms of the Foster Wheeler contract were not disclosed.

The commencement of the work follows the completion, by Foster Wheeler, of the front-end engineering design (FEED) for the project in October 2003. The LSADO project upgrades existing refinery facilities to produce low-sulfur diesel products in line with increasingly stringent environmental requirements in Saudi Arabia and internationally.

Ian Bill, chairman and chief executive of Foster Wheeler Energy Limited, said: ''We are very pleased to undertake this contract for SAMREF, following on from a series of successful projects at this refinery over the last ten years.''

Foster Wheeler is executing the contract primarily from Reading, its UK office, with significant participation from Chennai, its India office, in line with Foster Wheeler's strategy of delivering competitive services drawn from its worldwide resource network.

The project is scheduled for completion in the refinery turnaround early in 2006.

NOTES TO EDITORS:

1. Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of design, engineering, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, oil and gas, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, visit our Web site at www.fwc.com.

2. Safe Harbor Statement

This news release contains forward-looking statements that are based on management's assumptions, expectations and projections about the company and the various industries within which the company operates. These include statements regarding our expectations regarding revenues (including as expressed by our backlog), liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The company cautions that a variety of factors, including but not limited to the factors described under the heading "Business--Risk Factors of the Business" in the company's most recent annual report on Form 10-K and the following, could cause the company's business conditions and results to differ materially from what is contained in forward-looking statements: changes in the rate of economic growth in the United States and other major international economies, changes in investment by the power, oil and gas, pharmaceutical, chemical/petrochemical and environmental industries, changes in the financial condition of our customers, changes in regulatory environment, changes in project design or schedules, contract cancellations, changes in estimates made by the company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, outcomes of pending and future litigation, including litigation regarding our liability for damages and insurance coverage for asbestos exposure, protection and validity of patents and other intellectual property rights, increasing competition by foreign and domestic companies, changes in financial markets, compliance with debt covenants, monetization of certain power systems facilities, implementation of our restructuring plan, recoverability of claims against customers and others, changes in estimates used in critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us.

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