Foster Wheeler Signs Collaboration Agreement with Tecnimont for North American Chemicals Projects

  Foster Wheeler Signs Collaboration Agreement with Tecnimont for North
  American Chemicals Projects

Business Wire

ZUG, Switzerland -- February 18, 2014

Foster Wheeler AG (Nasdaq:FWLT) announced today that Foster Wheeler USA
Corporation, a subsidiary of its Global Engineering and Construction Group,
has signed a collaboration agreement with Tecnimont USA Inc., a subsidiary of
Maire Tecnimont S.p.A., for front-end engineering (FEED) design, detailed
engineering, procurement and construction (EPC) of petrochemicals, chemicals
and fertilizer facilities in the United States, Canada, and Mexico.

Foster Wheeler and Tecnimont will collaborate in pursuing specific
opportunities for new plants and plant revamps. This collaboration aims to
deliver clients significant added value, combining the world-class skills of
both companies: Foster Wheeler with its global chemicals project track record
and its reputation as a FEED and EPC contractor in North America, and
Tecnimont’s track record in technology-driven chemicals sectors, including
olefins and fertilizers and, in particular, its leading track record in
polyolefins (polyethylene and polypropylene).

“Delivering growth in the North American gas monetization market is a key
strategic objective of Foster Wheeler,” said Roberto Penno, Chief Executive
Officer, Foster Wheeler Global Engineering and Construction Group. “We have
already achieved a number of key wins in this sector, and this outstanding
combination of the technical and project delivery skills of Foster Wheeler and
Tecnimont is designed to position us strongly in key growth sectors in this

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

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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
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of factors, including but not limited to the factors described in the
Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form
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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, 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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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 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.


Foster Wheeler AG
United States
Patti Landsperger, +1-908-713-2944
Investor Relations
Scott Lamb, +1-908-730-4155
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