Foster Wheeler awarded $75 million SCR order from Cinergy

HAMILTON, Bermuda, July 29, 2002 — Foster Wheeler Ltd. announced that its subsidiary Foster Wheeler Power Group, Inc. has been awarded additional business for Selective Catalytic Reduction (SCR) installations under an existing business alliance with Cinergy Services, Inc., an affiliate of Cinergy Corp. of Cincinnati, Ohio.

The value of the order is approximately $75 million.

The awards are for the supply of SCR equipment for unit 5 and construction of SCR equipment for unit 4 at the Gibson Station, in Owensville, Indiana. The units at the Gibson Station have Foster Wheeler’s highly efficient nominal 650 MWe coal-fired boilers, which use supercritical pressures and temperatures. These boilers were originally supplied in the late 1970s.

The equipment deliveries for unit 5 will be completed this year and construction at unit 4 is scheduled for completion by spring of 2003. Under the same alliance agreement Foster Wheeler has recently provided the SCR equipment and construction for the Gibson Station’s units 2 and 3, the Miami Fort unit 8 in North Bend, Ohio, and East Bend unit 2 in Rabbit Hash, Kentucky, which were valued in total at approximately $200 million. All of the SCRs on these units are presently undergoing rigorous testing.

“SCR technology is playing an important role in enabling power providers to meet 2004 NOx reduction regulations set by the U.S. Environmental Protection Agency,” said Raymond J. Milchovich, Foster Wheeler’s chairman, president and CEO. “With more than half this country’s electricity generated from coal, existing power plants can choose this cost-effective environmental control device to meet these new, tougher standards.”

SCRs are control devices that reduce nitrogen oxide pollution, or what is commonly called NOx. These NOx compounds are by-products of the combustion process found in boiler and gas turbine flue gas.

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