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Foster Wheeler Awarded Study Contract by ETI to Assess Flexible Power Generation Systems in the UK

  Foster Wheeler Awarded Study Contract by ETI to Assess Flexible Power
  Generation Systems in the UK

Business Wire

ZUG, Switzerland -- February 21, 2013

Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering
and Construction Group has been awarded a study contract by the Energy
Technologies Institute (ETI).

The five-month-long study will assess the economics of flexible power
generation systems which involve the production of hydrogen from coal, biomass
or natural gas, the intermediate storage of hydrogen (for example in
underground salt caverns) and the production of power in flexible turbines.
Foster Wheeler will execute the study in collaboration with the British
Geological Survey.

The value of Foster Wheeler’s contract was not disclosed and will be included
in the company’s first-quarter 2013 bookings.

The study, commissioned and funded by the ETI, will look to map suitable
hydrogen storage salt cavern sites in and around the UK. The sites, which tend
to be located inland or up to 25 miles off the UK coastline, need to be of
sufficient size, depth, location and quality to be considered for hydrogen
storage.

According to ETI, flexible power generation systems, such as those to be
studied, could provide a valuable contribution to the future energy mix in the
UK, filling the gap between base-load nuclear plants and renewable power
generation. Such systems would also capture and store carbon dioxide which
would otherwise be released into the atmosphere.

This study is part of the ETI’s Carbon Capture & Storage (CCS) Programme and
is intended to help the ETI develop a better understanding of the requirements
for such energy systems and a more realistic and robust dataset of costs and
efficiencies.

Andrew Green, ETI CCS Programme Manager, said, “ETI modelling shows that
flexible power generation systems comprising hydrogen generation with CCS,
intermediate hydrogen storage (particularly using salt caverns) and flexible
turbines are potentially attractive components in any future UK energy system.
This project is a first step in a long journey, which could ultimately see
such systems as a key part of a future low carbon, flexible and affordable
energy system. If successful, the benefits could potentially be huge.”

Umberto della Sala, President and Chief Operating Officer, Foster Wheeler AG,
said, “Foster Wheeler has been working with ETI for four years and this latest
award confirms ETI’s confidence in our technical expertise in the field of
carbon capture and storage, and our ability to deliver high-quality studies.
We are delighted to be contributing to the development of a low-carbon energy
future in the UK.”

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.

Safe Harbor Statement

Foster Wheeler AG news releases may contain 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 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.

Contact:

Foster Wheeler AG
Media Contacts:
United States
Julie Stanisz, 908-730-4047
julie_stanisz@fwc.com
or
United Kingdom
Anne Chong, +44 (0) 118 913 2106
anne_chong@fwuk.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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