FOSTER WHEELER SUCCESSFULLY NEGOTIATES
                      EXTENSION OF TWO FINANCING FACILITIES


         HAMILTON, BERMUDA, March 8, 2002--Foster Wheeler Ltd. (NYSE: FWC) today
announced that it has obtained an extension of its $50 million receivables sale
arrangement through April 12, 2002 and has been taking steps to find a
replacement for this facility.

         In addition, the company also received a forbearance of the exercise of
any remedies from February 28, 2002 through April 15, 2002 from the required
lenders under its $33 million lease financing facility, which facility matured
on February 28, 2002. The company is actively pursuing the refinancing of its
lease financing facility.

          The company's waiver on its revolving credit facility is in effect
until April 15, 2002, subject to the continuing satisfaction of certain
conditions.

         "The successful outcome of these negotiations is an important
milestone," said Gilles A. Renaud, the company's senior vice president and chief
financial officer. "It enables us to keep in place our current bank revolving
credit facility until April 15, 2002 while we negotiate and structure new,
long-term credit agreements."

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Note to Editors:

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.

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