Foster Wheeler Enters into License Contract for Advanced Pulverized-Coal Technology in Korea

Foster Wheeler Ltd. announced today that a subsidiary of its Global Power Group has entered into a fifteen-year agreement with Bumwoo ENG Co., Ltd. to provide an advanced technology license for wall-fired subcritical and supercritical pulverized-coal (PC) steam generators to be sold in South Korea.

The terms of the agreement were not disclosed. The contract value will be included in the company’s third-quarter 2008 bookings and future royalty payments will be recorded over the life of the agreement.

“This license agreement opens up an additional market for Foster Wheeler in Korea and further demonstrates Foster Wheeler’s world-class advanced boiler technology in the global marketplace,” said David J. Parham, executive vice president of Global Sales and Marketing, Foster Wheeler Global Power Group. “This strategically important agreement strengthens both companies and further extends our successful long term relationship.”

During the signing ceremony, Geun Heung Lee, president of Bumwoo ENG Co., Ltd. stated, “Bumwoo ENG is excited by the opportunity to work together with a worldwide technology leader like Foster Wheeler in the PC steam generator market.”

Foster Wheeler Ltd. is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs over 14,000 talented professionals with specialized expertise dedicated to serving our clients through one of its two primary business groups. The company’s Engineering & Construction (E&C) Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, 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 Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.