Exhibit 99.3


                  FOSTER WHEELER SECURES NEW CREDIT FACILITIES


     HAMILTON, BERMUDA, August 16, 2002--Foster Wheeler Ltd. (NYSE: FWC) today
announced that it has entered into new credit facilities, which will extend into
2005. The new facilities will provide $82 million in increased liquidity to the
company. As a result of securing the new credit facilities, $904 million of the
company's $1.1 billion in outstanding debt, previously classified as current,
has been reclassified as long-term. In addition, the company reported cash
balances worldwide of $344 million as of June 28, 2002.

     The new credit arrangements include a $290 million senior secured term loan
and revolving credit facility that matures in April 2005, and has no scheduled
principal payments prior to maturity. The company has also entered into a $40
million receivables sale agreement that matures in August 2005, and has replaced
its previous lease financing facility associated with its Clinton, New Jersey,
headquarters complex.

     "I am extremely pleased that we have completed these transactions, which
provide greater financial flexibility and enable us to be more competitive in
the markets we serve," said Raymond J. Milchovich, chairman, president and chief
executive officer of Foster Wheeler Ltd. "We now have the ability to continue
with our performance improvement initiatives, which include a plan to generate
more than $150 million in cash over the next six months by monetizing assets,
resolving project claims and collecting overdue receivables."

     The $290 million senior secured facility includes term loan, revolver, and
letter of credit components. This facility replaces the company's previous bank
credit facility. It is secured by the domestic assets of the company, the assets
and stock of its domestic subsidiaries (excluding the accounts receivable of
certain subsidiaries), and a majority of the stock of its first-tier foreign
subsidiaries. The company is also required to provide security for its
outstanding 6 3/4 % Senior Notes, due 2005, pursuant to the indenture under
which they were issued. The Senior Notes will share, on a pari passu basis with
the revolver, a portion of the security pledged under the senior secured credit
facility.

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     The new $40 million receivables sale agreement replaces the company's
previous $50 million agreement, which was terminated and repaid earlier this
year. The company's previous lease financing facility, associated with its
Perryville III office building, was replaced by a sale-leaseback agreement in
connection with the company's Perryville I building. Both buildings are located
at Perryville Corporate Park, Clinton, New Jersey.

     Also, as the company announced on July 31, 2002, under the terms of the
senior secured credit facility, Foster Wheeler has agreed to continue to defer
the dividend on its Preferred Capital Trust I Securities.

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Notes to Editor:

1.   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.

2.   Safe Harbor Statement

     This news release contains forward-looking statements that are based on
     management's assumptions, expectations and projections about the various
     industries within which the corporation operates. Such forward-looking
     statements by their nature involve a degree of risk and uncertainty. The
     corporation cautions that a variety of factors, including but not limited
     to the following, could cause business conditions and results to differ
     materially from what is contained in forward-looking statements: changes in
     the rate of economic growth in the United States and other major
     international economies, changes in investment by the energy, power and
     environmental industries, changes in regulatory environment, changes in
     project schedules, changes in trade, monetary and fiscal policies
     worldwide, currency fluctuations, outcomes of pending and future
     litigation, protection and validity of patents and other intellectual
     property rights, and increasing competition by foreign and domestic
     companies.

                                      # # #

08-16-02

Media Contact:                Sherry Peske       908-730-4444
Shareholder Contact:          John Doyle         908-730-4270
Other Inquiries:                                 908-730-4000