Foster Wheeler Joint Venture with Three Streams Engineering Ltd. Awarded Contract for Canadian Oil Sands Project

  Foster Wheeler Joint Venture with Three Streams Engineering Ltd. Awarded
  Contract for Canadian Oil Sands Project

Business Wire

ZUG, Switzerland -- November 15, 2012

Foster Wheeler AG (Nasdaq: FWLT) announced today that a joint venture of a
subsidiary of its Global Engineering and Construction Group (Foster Wheeler
Canada Ltd.) and Three Streams Engineering Ltd. has been awarded the front-end
engineering design (FEED) for the proposed Cenovus Energy Inc. Telephone Lake
SAGD (steam-assisted gravity drainage) central processing facility phase A
development.

The project, located in northern Alberta, is expected to have an initial
production capacity of 90,000 barrels per day (bbls/d) over two phases and an
estimated project life of up to 40 years. The project is currently under
review by regulators.

The contract value for this project was not disclosed. The booking will be
included in the company's fourth-quarter 2012 bookings.

“Our joint venture with Three Streams Engineering Ltd. was formed specifically
for the Telephone Lake Project and brings together Three Streams Engineering's
familiarity with Cenovus projects and our extensive experience in
modularization and execution of engineering projects,” said Umberto della
Sala, Chief Operating Officer of Foster Wheeler AG. “Our emphasis on efficient
project implementation through modularization is expected to be an important
component in the design. This joint venture expands upon our current and
growing market focus in Canada.”

Foster Wheeler AG is a global engineering and construction company and power
equipment supplier delivering technically advanced, reliable facilities and
equipment. The company employs approximately 12,000 talented professionals
with specialized expertise dedicated to serving its clients through one of its
two primary business groups. The company’s Global Engineering and Construction
Group designs and constructs leading-edge processing facilities for the
upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and
petrochemicals, power, mining and metals, environmental, pharmaceuticals,
biotechnology and healthcare industries. The company’s Global Power Group is a
world leader in combustion and steam generation technology that designs,
manufactures and erects steam generating and auxiliary equipment for power
stations and industrial facilities and also provides a wide range of
aftermarket services. The company is based in Zug, Switzerland, and its
operational headquarters office is in Geneva, Switzerland. For more
information about Foster Wheeler, please visit our Web site at www.fwc.com.

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of such other assumptions to be realized, as well as other factors, may also
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furnished with the Securities and Exchange Commission.

Contact:

Foster Wheeler AG
Media:
United States
Julie Stanisz, 908-730-4047
julie_stanisz@fwc.com
or
Investor Relations:
Scott Lamb, 908-730-4155
scott_lamb@fwc.com
or
Other Inquiries:
908-730-4000
fw@fwc.com
 
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