Foster Wheeler Awarded Contract for Three Utility Package Steam Generators in Australia

  Foster Wheeler Awarded Contract for Three Utility Package Steam Generators
  in Australia

Business Wire

ZUG, Switzerland -- February 21, 2013

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its
Global Power Group has been awarded a contract by the joint venture comprised
of CH2M HILL Australia Pty Ltd. and UGL Engineering Pty Ltd. for the design
and supply of three utility package steam generators located at the Ichthys
Project onshore LNG facilities at Blaydin Point, near Darwin, Northern
Territory, Australia.

Foster Wheeler has received a full notice to proceed on this contract. The
terms of the agreement were not disclosed and the contract value will be
included in the company’s first quarter 2013 bookings. Delivery of the new
steam generators is scheduled for fourth quarter 2014.

Foster Wheeler will design and supply the package steam generators plus
auxiliary equipment for the project, which will be designed to burn both low
pressure natural gas and liquid iso-pentane while meeting applicable
environmental regulatory requirements. The three steam generators will be
designed to generate a total of 278 tonnes per hour of reliable, high-pressure
superheated steam which will be fed to the customer’s steam header.

“Our package steam generators have been an integral part of our steam
generator product range for over 60 years,” said Byron Roth, Chief Executive
Officer of Foster Wheeler North America Corp., which will be executing the
contract. “Foster Wheeler is pleased to provide value to this important oil
and gas project in Australia.”

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

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Foster Wheeler AG news releases may contain forward-looking statements that
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Company and the various industries within which the Company operates. These
include statements regarding the Company’s expectations about revenues
(including as expressed by its backlog), its 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 in the
Company’s most recent Annual Report on Form 10-K, which was filed with the
U.S. Securities and Exchange Commission and the following, could cause the
Company’s business conditions and results to differ materially from what is
contained in forward-looking statements: benefits, effects or results of the
Company’s redomestication to Switzerland; the benefits, effects or results of
our strategic renewal initiative; further deterioration in global economic
condition; changes in investment by the oil and gas, oil refining,
chemical/petrochemical and power generation industries; changes in the
financial condition of our customers; changes in regulatory environments;
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; compliance with laws and regulations
relating to our global operations; currency fluctuations; war, terrorist
attacks and/or natural disasters affecting facilities either owned by the
Company or where equipment or services are or may be provided by the Company;
interruptions to shipping lanes or other methods of transit; outcomes of
pending and future litigation, including litigation regarding the Company’s
liability for damages and insurance coverage for asbestos exposure; protection
and validity of its patents and other intellectual property rights; increasing
global competition; compliance with debt covenants; recoverability of claims
against customers and others by the Company and claims by third parties
against the Company; and changes in estimates used in our 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 the
Company’s control. You should consider the areas of risk described above in
connection with any forward-looking statements that may be made by the
Company. The Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
events or otherwise. You are advised, however, to consult any additional
disclosures the Company makes in proxy statements, quarterly reports on Form
10-Q, annual reports on Form 10-K and current reports on Form 8-K filed or
furnished with the Securities and Exchange Commission.


Foster Wheeler AG
Julie Stanisz, 908-730-4047
Jan Rogers, 908-713-3288
Investor Relations:
Scott Lamb, 908-730-4155
Other Inquiries:
908-730-4000 Power Group
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