Foster Wheeler Provides Engineering Services to Cynar for Conversion of Waste Plastics into Liquid Fuels in Ireland

ZUG, Switzerland--()--Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has been awarded a contract by Cynar Plc to provide basic process engineering design services for a 6,000 tonnes per annum (tpa) plant to convert non-recyclable waste plastics into liquid fuels, primarily diesel.

The plant will utilize Cynar’s pyrolysis technology, supplemented with Foster Wheeler’s refining knowledge to produce liquid fuels.

The basic design package is expected to be completed during the first quarter of 2011.

The Foster Wheeler contract value for this project was not disclosed. Approximately half of the value was included in the company’s fourth-quarter 2010 bookings and the remainder will be included in the company’s first-quarter 2011 bookings.

Cynar has a demonstration plant, located in Portlaoise, Ireland. Foster Wheeler has been working with Cynar over the past year on study work aimed at improving the quality of the fuel produced. This work has identified changes that are required, and these modifications are being incorporated into the design for the new plant at the same location.

"Foster Wheeler is very pleased to be working with Cynar on this important and exciting project,” said Umberto della Sala, interim chief executive officer, Foster Wheeler AG. “Foster Wheeler’s extensive experience in refining and synthetic fuels has enabled the base process to be developed in line with Cynar’s aspiration of producing on-specification products.”

“Cynar chose Foster Wheeler to assist with our technology development because of their wide ranging engineering expertise and in particular their oil refining knowledge and capability. Currently all end-of-life plastic ends up in landfill and Cynar’s technology can go some way to reducing this ever increasing problem whilst providing an alternative to fossil fuel. We are very pleased with Foster Wheeler’s participation and contribution in our journey to provide a solution to a significant worldwide issue,” said Michael Murray, chief executive officer, Cynar Plc.

Foster Wheeler AG is a global engineering and construction contractor 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 or the relocation of our principal executive offices to Geneva, Switzerland; the search for a permanent Chief Executive Officer; the benefits, effects or results of our 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, 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 its global operations, currency fluctuations, war and/or terrorist attacks on 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 its debt covenants, recoverability of claims against its 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 the Securities and Exchange Commission.

Contacts

Foster Wheeler AG
Media
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

Contacts

Foster Wheeler AG
Media
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