Foster Wheeler Appoints Clive Vaughan to Newly Created Position of CEO, Upstream Oil and Gas Group

06/12/2009


ZUG, Switzerland--(BUSINESS WIRE)--Dec. 7, 2009-- Foster Wheeler AG (Nasdaq:FWLT) announced today that it has appointed Clive Vaughan, 54, to the newly created post of Chief Executive Officer, Upstream Oil and Gas Group, in the company's Global Engineering and Construction Group, effective December 7, 2009.

Vaughan joins Foster Wheeler from Endeavour International, where he was Director of Facilities Engineering and New Developments for all Endeavour projects. Prior to this position, he worked for Granherne Ltd, which is a division of KBR and which is a global energy-industry engineering company and consultancy headquartered in the United Kingdom. Granherne has operations in North America and Russia – and in Australia, where Vaughan had most recently been the managing director. Prior to joining Granherne in 1999, Vaughan had held various engineering and management positions with Saipem, BHP (Hamilton Brothers Oil & Gas Ltd), McDermott, British Gas Corporation and other firms. He holds a Bachelor of Science degree in Chemical Engineering from the Polytechnic of Wales. He is a member of the Institution of Chemical Engineers, the Society of Petroleum Engineers and is a Chartered Engineer.

-Clive is a tremendously knowledgeable leader with a track record of effectively building an engineering business in the upstream oil and gas area – an area that remains Foster Wheeler’s number-one growth priority,” said Foster Wheeler's President and Chief Operating Officer Umberto della Sala. -We believe the company has reached critical mass in upstream oil and gas due to our recent acquisitions. Clive will be based in Foster Wheeler’s Houston office and his role will be to further expand this platform through organic growth and additional acquisition activity, also leveraging the global sales, marketing and operations network of our E&C organization.”

Foster Wheeler AG 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 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, 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 are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at http://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, further deterioration in the economic conditions in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power 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 competition by non-U.S. and U.S. companies, 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.

Source: Foster Wheeler AG

Foster Wheeler AG
Media
Maureen Bingert, 908-730-4444
maureen_bingert@fwc.com
Investor Relations
Scott Lamb, 908-730-4155
scott_lamb@fwc.com
Other Inquiries: 908-730-4000
fw@fwc.com

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