Foster Wheeler Awarded Contract for an LNG Import and Regasification Terminal in Kuwait

ZUG, Switzerland--()--Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded the pre-front-end engineering design and the front-end engineering design contract by Kuwait National Petroleum Company (KNPC) for a new onshore LNG import and regasification terminal to be built in Kuwait.

The Foster Wheeler contract value for this project was not disclosed and was included in the company’s fourth-quarter 2013 bookings.

Foster Wheeler has previously completed conceptual and detailed feasibility studies for the terminal, to assist in the selection of the most suitable technology and location for the new terminal. The new terminal will have a design send-out capacity of approximately 1,500 million standard cubic feet per day (MMscf/d) of gas, with four full-containment LNG storage tanks, each of 180,000 cubic meters. The design will also allow for future expansion(s) up to 3,000 MMscf/d and the installation of a further four LNG storage tanks of the same capacity as the initial four tanks. Foster Wheeler will work with a local partner in executing this work, which is scheduled to be completed in October 2014. KNPC plans to start commercial operation of the terminal in 2020.

“We are pleased to receive this award, which demonstrates KNPC’s satisfaction with the studies we have completed and their confidence in our LNG expertise,” said Roberto Penno, Chief Executive Officer, Global E&C Group, Foster Wheeler AG. “In addition to our LNG expertise, we also have a very strong track record in winning and successfully executing large, complex projects in the Middle East, a strategically important region for Foster Wheeler.”

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 website at www.fwc.com.

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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 including: the timing and success of the proposed offer and acquisition of the Company by AMEC plc, the risk that the Company’s business will be adversely impacted during the pending proposed offer and acquisition of the Company by AMEC plc, benefits, effects or results of the Company’s redomestication to Switzerland, 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, 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 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 with or furnished to the Securities and Exchange Commission.

Contacts

Foster Wheeler AG
Media:
United States
Patti Landsperger, +1 908-713-2944
patti_landsperger@fwc.com
or
Spain
Elizabeth Szikszai, +34 91 336 2735
elizabeth_szikszai@fwiberia.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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Contacts

Foster Wheeler AG
Media:
United States
Patti Landsperger, +1 908-713-2944
patti_landsperger@fwc.com
or
Spain
Elizabeth Szikszai, +34 91 336 2735
elizabeth_szikszai@fwiberia.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