Foster Wheeler Wins Tubu, Madu Projects

Foster Wheeler Ltd. said Tuesday that two subsidiaries in its Global Engineering and Construction Group, Foster Wheeler Energy Limited and Foster Wheeler (Nigeria) Limited, in a joint venture with National Engineering & Technical Company Limited (NETCO), have been authorized by Chevron Nigeria Limited (CNL), operator of the joint venture partnership with the Nigerian National Petroleum Corporation (NNPC), to undertake further design engineering for the Tubu and Madu offshore oilfield developments in Nigeria's Oil Mining Leases, OML 52 and OML 85, respectively. Foster Wheeler and NETCO will evaluate the economics of the planned development and will also investigate possible configurations for the surface facilities. NETCO is a wholly owned subsidiary of NNPC.

These two separate scopes of work will be executed under the existing Foster Wheeler/NETCO three-year term services contract with CNL, which was announced at the end of 2005. The values of these two awards, which were included in the company's third-quarter 2006 bookings, were not disclosed.

"This latest award further strengthens our relationship with CNL in the strategically important upstream oil and gas market," said Anita Omoile, director of Foster Wheeler (Nigeria) Limited. "We are already working on the front-end design for the non-associated gas wellhead platforms and pipelines portion of CNL's Olokola Gas Supply Project in Nigeria. We are committed to delivering high quality engineering for Tubu and Madu which fully meets our client's objectives."

"These are important projects for NNPC and CNL. The development of Tubu and Madu represents years of collaboration with many stakeholders including our partner NNPC, the communities, several contractors and relevant government agencies. The development of these oilfields will enable us to increase near-term production while developing local capacity through the engineering effort," commented Fred Nelson, chairman and managing director of Chevron Nigeria Limited.

Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA.

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