Foster Wheeler Appoints Stephen J. Davies Chairman & CEO

Foster Wheeler Ltd. announced that Stephen J. Davies has been appointed chairman and chief executive officer of Foster Wheeler Energy Limited, headquartered in the UK, effective July 1, 2004. Mr. Davies will succeed Ian Bill, who will remain a director of the company, supporting Davies, until his planned retirement in September 2004.

"Last July, Steve was appointed to the new position of managing director, Global Sales, Marketing and Strategic Planning, reporting directly to me. During the past year, he has led the implementation of Foster Wheeler's market-focused strategic plan and has significantly strengthened the company's E & C customer focus in the key growth regions and across our core global business lines," said Raymond J. Milchovich, chairman, president and chief executive officer.

"I would like to thank Ian for his dedication and commitment to Foster Wheeler over his 34 years with the company. Under his leadership, the last six years have been a period of outstanding performance by the UK group, highlighted by consistent growth and project execution excellence. I am sure that Steve, with his considerable operational and commercial experience, will build on this performance."

Mr. Davies has been with Foster Wheeler for 27 years and has an extensive background in a broad range of international projects. He has held a variety of senior management roles throughout the company, including in the commercial/proposal group, and the Engineering and Pharmaceutical Divisions. In 1995, he was appointed to the Board of Foster Wheeler Energy Limited and was assigned special responsibility for building upon the company's existing operations in Asia.

Mr. Davies has been instrumental in expanding Foster Wheeler's business firstly in Asia, then in Australasia and Africa, including the ongoing development of the company's execution centers in Malaysia, Thailand, China, Singapore and South Africa. He has acted as executive sponsor for a number of major international projects for clients, including ExxonMobil, BP, Shell, Huntsman, Bayer and BASF.

Mr. Davies holds an honors degree in Civil Engineering from Bristol University, is a Chartered Engineer and gained his MBA from Cranfield University School of Management.

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