Foster Wheeler Promotes Jon Nield to Vice President, Project Risk Management Group

01/05/2011


ZUG, Switzerland, May 02, 2011 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) announced today that Jon Nield, 47, has been promoted to Vice President, Project Risk Management Group (PRMG), effective immediately. In this role, he will be responsible for leading the group that sets, reviews and implements the company's risk management policy for proposal and contract operations.

A 25-year veteran of Foster Wheeler, Nield joined the PRMG in January 2011 as part of a planned leadership succession process. Prior to that, he was Project Executive on the company's Pluto I LNG project in Australia. He also previously served as Operations Director of Foster Wheeler-United Kingdom (UK) and also led the UK Proposal Operations Group. In addition to his experience on Pluto I, he has worked on several large international projects and also had led Operations Groups in South Africa and in the Reading, England, office.

Nield earned a Bachelor's degree in Mechanical Engineering from the University of Newcastle-upon-Tyne and a Master of Science degree in Project Management from Cranfield University's School of Management. He is a Chartered Engineer and a Fellow of the Institute of Mechanical Engineers.

Nield succeeds David Wardlaw, 55, who elected to retire effective May 1 but will serve as a consultant to the company through the end of 2011.

"The Project Risk Management Group has played an important role in the company's commercial success by ensuring that effective risk management practices are an integral part of our culture and are consistently applied in all of our Operating Units," said Umberto della Sala, Interim Chief Executive Officer of Foster Wheeler AG. "The head of this group is a key member of our senior leadership team, and Jon is exceptionally well qualified to step into this role because of his extensive and varied background in Foster Wheeler operations. We expect him to make a significant contribution and to build upon the very strong track record established by Dave Wardlaw, who did a superlative job in leading this function since 2004. We thank Dave for his service to the company and wish him well in his new endeavors."

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.

SOURCE: Foster Wheeler AG

Foster Wheeler AG
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Julie Stanisz, 908-730-4047
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