Foster Wheeler announces resignation of its CFO

HAMILTON, Bermuda, May 22, 2002 — Foster Wheeler Ltd. announced recently that Gilles A. Renaud, senior vice president and chief financial officer, has resigned his position to pursue other opportunities.

“Renaud has made a number of valuable contributions to Foster Wheeler during the past two years, and we wish him well in his future endeavors,” said Raymond J. Milchovich, chairman, president and chief executive officer of Foster Wheeler Ltd.

Renaud joined Foster Wheeler in March 2000. He was previously vice president and treasurer of United Technologies Corporation.

The company is conducting a search and evaluating internal candidates for a successor. In the interim, Robert D. Iseman, vice president and treasurer, has been named the acting principal financial officer, and will continue to work closely with other financial executives of the company as well as previously retained financial consultants to Foster Wheeler.

“I am very confident that with our team of highly capable personnel and our external consultants, we have the necessary set of financial skills available to very professionally manage all of our financial issues during this transition period,” continued Milchovich.

Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of design, engineering, construction, manufacturing, project development and management, research, plant operation and environmental services.

The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, N.J. For more information about Foster Wheeler, visit the web site at www.fwc.com.