FOSTER WHEELER APPOINTS KENNETH A. HILTZ
                             CHIEF FINANCIAL OFFICER

       Seasoned Financial and Restructuring Executive to Assist Company's
              Initiatives to Reduce Debt and Improve Balance Sheet


         HAMILTON, Bermuda, April 7, 2003 - Foster Wheeler Ltd. (NYSE:FWC) today
announced the appointment of Kenneth A. Hiltz as chief financial officer. Hiltz,
50, a principal with AlixPartners, LLC, has an extensive background in
balance-sheet restructurings and corporate financial leadership. He replaces
Joseph T. Doyle, who has left the company. Ken will work closely with Ryan J.
Esko, also with AlixPartners, who will continue as treasurer. Esko was appointed
treasurer in November 2002, and has been working with Foster Wheeler on
worldwide cash management since March 2002.
         "Over the past year, Foster Wheeler made significant improvement to the
company's operations, which enabled us to end 2002 with our strongest cash
position in 15 years," said Raymond J. Milchovich, chairman, president and chief
executive officer. "As a result, we expect to generate EBITDA from operations in
2003 that would be approximately 30 percent higher than we have achieved over
the last three years.
         "In addition to this operational improvement, we must also reduce debt
and improve our balance sheet. Ken has a proven track record and brings an
unparalleled depth of experience and financial skills in these critical areas.
He will work with Mike Rosenthal, our chief restructuring officer, and our
outside advisors to lead the company through this process."
         Prior to joining Foster Wheeler, Hiltz served as chief restructuring
officer for Hayes Lemmerz International, Inc., one of the world's leading global
suppliers of automotive and commercial highway components. Previously, he was
senior vice president and chief financial officer for Harnischfeger Industries,
now known as Joy Global, Inc., a global manufacturer of mining equipment and
pulp/paper-making machinery. Hiltz has designed and implemented turnaround
programs, and helped restructure debt for numerous manufacturing, retail and
industrial companies.
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         "By strengthening Foster Wheeler's senior leadership team and
strategically aligning with firms like AlixPartners in 2002, we were able to
vastly improve our cash management, increase the rigor of our financial and
project controls, and implement vastly improved contracting standards," added
Milchovich. "With Ken to assist in the next phase of Foster Wheeler's
restructuring, we are ensuring that we have the people to execute our plan and
build a better and stronger company."
         Hiltz holds a bachelor of business administration degree from Xavier
University and an MBA from the University of Detroit. He has also attended the
executive education program at Harvard Business School. Hiltz is a Certified
Management Accountant and CPA.
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Notes to Editors:

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 and plant operation services. The
     corporation is domiciled in Bermuda, and its operational headquarters are
     in Clinton, N.J. For more information about Foster Wheeler, visit our 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 design or schedules, changes in estimates made by the company of
     costs to complete projects, contract cancellations, 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, increasing competition by foreign and
     domestic companies, changes in financial markets, war and/or terrorist
     attacks on facilities either owned or where equipment or services are or
     may be provided, and the outcome of cash-generation initiatives.

                                      # # #
04-07-03

Media Contact:             Andrew O'Hearn                     908-730-4444
Other Inquiries:                                              908-730-4000