Coal, Nuclear

Foster Wheeler appoints Bernard H. Cherry head of Power Group

HAMILTON, Bermuda, Oct 11, 2002 — Foster Wheeler Ltd. announced the appointment of Bernard H. Cherry as president and chief executive officer of Foster Wheeler Power Group, Inc., effective November 4, 2002.

Cherry, 62, is a veteran of the electric power industry.

“I am extremely pleased that we have been able to recruit an executive of Bud’s caliber to lead our power group,” said Raymond J. Milchovich, chairman, president and chief executive officer of Foster Wheeler. “His experience, market knowledge and demonstrated capability will greatly strengthen our management team in this important segment of our business.”

Most recently, Cherry was chief operating officer of the Oxbow Group where he was responsible for the company’s energy and minerals activities. At Oxbow, Cherry managed the growth of the company’s power business from its inception in 1985 to an installed global generating capacity of 500 MW, delivered through seven plants utilizing natural gas, coal and geothermal fuel sources. He was also responsible for Oxbow’s coal mining and natural gas development activities.

Previously, Cherry was vice president of corporate planning for General Public Utilities Corporation, and managed the company’s successful $900 million funding program for the Three Mile Island Nuclear Plant Cleanup.

“I am very excited about joining Foster Wheeler and working with its new management team to create value for its customers, employees and shareholders,” said Cherry. “The efficient, clean utilization of domestic fuel resources is a critical part of our national energy strategy, and Foster Wheeler is uniquely positioned to support that effort,” he added.

Cherry received his Bachelor of Science Degree in Chemistry and a Master of Science Degree in Nuclear Engineering from the University of Illinois. He also did postgraduate work at Columbia University and the Massachusetts Institute of Technology. He is Chairman of the Board of Trustees of the South Florida Museum, and a member of the National Parent’s Committee for Brown University.

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 our World Wide Web site at www.fwc.com.