Foster Wheeler Awarded PMC Services Contract for a Grassroots Refinery and Petrochemical Complex in Vietnam

  Foster Wheeler Awarded PMC Services Contract for a Grassroots Refinery and
  Petrochemical Complex in Vietnam

Business Wire

ZUG, Switzerland -- July 30, 2013

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its
Global Engineering and Construction Group has been awarded a project
management and consultancy (PMC) services contract by the Nghi Son Refinery
and Petrochemical Limited Liability Company for its Nghi Son Refinery and
Petrochemical (NSRP) Complex to be constructed in the Nghi Son Economic Zone,
Thanh Hoa Province, Socialist Republic of Vietnam.

The Nghi Son Refinery and Petrochemical Limited Liability Company is a joint
venture company formed by and between the Vietnam Oil and Gas Group, Vietnam;
Idemitsu Kosan Co., Ltd., Japan; Kuwait Petroleum Europe B.V., Netherlands;
and Mitsui Chemicals, Inc., Japan.

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

The NSRP Complex will consist of an integrated refinery, processing 200,000
barrels of crude oil per stream day, and petrochemical complex, with
associated infrastructure, utilities and offsites facilities. The refinery is
designed to process Kuwait Export crude. The plant will have the facilities
for full conversion, with an integrated aromatics complex and polypropylene
production. The expected total investment for the project is US$9 billion.

Foster Wheeler will manage and administer, in an integrated team with the
client, the engineering, procurement and construction contractor consortium
through to the completion of performance testing. The NSRP complex is expected
to commence commercial operation in 2017.

“Foster Wheeler successfully completed the front-end engineering design for
the NSRP complex, and subsequently provided project management services during
the tendering phase for the main EPC contract,” said Umberto della Sala,
President and Chief Operating Officer, Foster Wheeler AG. “We are delighted to
be continuing our involvement with this strategic project during the
implementation phase. Our performance during the earlier stages of the
project, our refining expertise and our experience in executing major projects
in Asia were critical factors in our success in winning this significant
award.”

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 13,000 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, minerals 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 Reading, United Kingdom. For more
information about Foster Wheeler, please visit our Web site at www.fwc.com.

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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, benefits, effects or results of the
Company’s strategic renewal initiative, further deterioration in global
economic conditions, changes in investment by the oil and gas, oil refining,
chemical/petrochemical and power generation industries, changes in the
financial condition of its customers, changes in regulatory environments,
changes in project design or schedules, contract cancellations, the 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 the Company’s global operations, currency fluctuations, war,
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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 the Company’s patents and other intellectual property rights,
increasing global competition, compliance with its debt covenants,
recoverability of claims against the Company’s customers and others by the
Company and claims by third parties against the Company, and changes in
estimates used in its 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 to the Securities and
Exchange Commission.

Contact:

Foster Wheeler AG
Media:
Patti Landsperger, +1 908-713-2944
patti_landsperger@fwc.com
or
Investor Relations:
Scott Lamb, +1 908-730-4155
scott_lamb@fwc.com
or
Other Inquiries:
+1 908-730-4000
fw@fwc.com
 
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