Exhibit 12.1

                               Foster Wheeler Ltd.

                Statement of Computation of Consolidated Ratio of
              Earnings to Fixed Charges and Combined Fixed Charges
                                     ($000's)
                                    Unaudited



                                                                                 Three Months Ended
Earnings:                                                                 March 28, 2003   March 29, 2002
- ---------                                                                 --------------   --------------
                                                                                             (Restated)
                                                                                     
Net loss                                                                  $      (19,820)  $      (25,610)
Taxes on income                                                                    7,458            5,884
Total fixed charges                                                               23,964           24,268
Capitalized interest                                                                (308)            (238)
Capitalized interest amortized                                                       568              555
Equity loss/(earnings) of non-consolidated associated companies
       accounted for by the equity method, net of dividends                       (3,506)           6,076
                                                                          ---------------  --------------
                                                                          $        8,356   $       10,935
                                                                          ===============  ==============
Fixed Charges:
- --------------

Interest expense (includes dividend on preferred security of
       $4,372 in 2003 and $4,012 in 2002)                                 $       21,794   $       20,916
Capitalized interest                                                                 308              238
Imputed interest on non-capitalized lease payment*                                 1,862            3,114
                                                                          --------------   --------------
                                                                          $       23,964   $       24,268
                                                                          ==============   ==============
Ratio of Earnings to Fixed Charges                                                     -**              -**
                                                                          ==============   ==============


*  The percent of rent included in the calculation is a reasonable approximation
   of the interest factor.
** Earnings are inadequate to cover fixed charges. The coverage deficiency is
   $15,608 and $13,333 for the quarters ended 2003 and 2002, respectively.

The Company's condensed consolidated statement of earnings and comprehensive
income and the condensed consolidated statement of cash flows for the three
month period ended March 29, 2002 have been revised to account for the
liabilities and results of operations associated with one of its postretirement
medical plans in accordance with SFAS 106, "Employers' Accounting for
Postretirement Benefits Other Than Pensions."

Note: There were no preferred shares outstanding during the period indicated
and, therefore, the consolidated ratio of earnings to fixed charges and combined
fixed charges and preferred share dividend requirements would have been the same
as the consolidated ratio of earnings to fixed charges and combined fixed
charges for the period indicated.