EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the
Registration Statements on Form S-3 (File Nos. 33-61809, 333-52369-01,
333-52369-02 and 333-52369-02) and S-8 (File Nos. 333-25945, 002-91384,
003-59739 and 333-88912) of Foster Wheeler Ltd. of our report dated January 29,
2002 except for Note 1, for which the date is April 12, 2002 and the first
paragraph of Note 2 and Note 25 for which the date is November 12, 2002 relating
to the financial statements, which appear in this Form 10-K/A. We also consent
to the incorporation by reference of our report dated January 29, 2002 relating
to the financial statement schedules, which appears in this Form 10-K/A.
PricewaterhouseCoopers LLP
Florham Park, New Jersey
November 12, 2002
REPORT OF INDEPENDENT ACCOUNTANTS ON FINANCIAL STATEMENT SCHEDULE
To the Board of Directors of Foster Wheeler Ltd.:
Our audits of the consolidated financial statements referred to in our report
dated January 29, 2002, except for Note 1 as to which the date is April 12, 2002
and the first paragraph of Note 2 and Note 25 as to which the date is November
12, 2002 appearing in this Annual Report on 10 K/A (which report contains an
explanatory paragraph regarding the Company's ability to continue as a going
concern) also included an audit of the financial statement schedule listed in
Item 15 (a) (2) of this Form 10K/A. In our opinion, this financial statement
schedule presents fairly, in all material respects, the information set forth
therein when read in conjunction with the related consolidated financial
statements.
PricewaterhouseCoopers LLP
Florham Park, New Jersey
January 29, 2002.
Foster Wheeler Ltd.
Schedule II: Valuation and Qualifying Accounts
(Amounts in Thousands)
2001
- ----------------------------- ----------------- ------------------------- ---------------------- -------------------- --------------
Additions Charged to Additions Charged to
Balance at Costs and Expenses Other Accounts(2) Balance at the
Beginning of End of the Period
Description Period Deductions
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Reserve for Insurance
Claims Receivable $ 7,192 $ 11,300 $ (344) $ 18,836
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Allowance for Doubtful
Accounts(1) $ 3,379 $ 1,190 $ 1,581 $ 2,988
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
2000
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Additions Charged to Additions Charged to
Balance at Costs and Expenses Other Accounts(2) Balance at the
Beginning of End of the Period
Description Period Deductions
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Reserve for Insurance
Claims Receivable $ 9,943 $ 2,751 $ 7,192
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Allowance for Doubtful
Accounts(1) $ 1,413 $ 3,315 $ 1,349 $ 3,379
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
1999
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Additions Charged to Additions Charged to
Balance at Costs and Expenses Other Accounts(2) Balance at the
Beginning of End of the Period
Description Period Deductions
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Reserve for Insurance
Claims Receivable $ 13,921 $ 3,978 $ 9,943
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
Allowance for Doubtful
Accounts(1) $ 2,814 $ 1,551 $ 2,952 $ 1,413
- ---------------------------- ----------------- --------------------- ---------------------- -------------------- ----------------
<FN>
1. In accordance with industry practices for accounting for long-term
contracts, provisions for non-payments of customer balances are normally
addressed within the overall profit calculation of the contracts and are
not specifically covered by allowances for doubtful accounts. As a result
the amount considered to be in the receivable qualifying account (allowance
for doubtful accounts) are insignificant.
2. Primarily due to additional recoveries from insurers.
</FN>