Exhibit 99.1

FOSTER WHEELER REPORTS RESULTS FOR SECOND QUARTER OF 2011

·                  17% increase in net income versus average quarter of 2010

·                  65% increase in EBITDA in Global Power Group versus average quarter of 2010

·                  62% increase in scope revenue in Global Power Group versus average quarter of 2010

·                  Near-record level of scope new orders in Global Power Group

·                  Raising full-year EBITDA margin guidance for Global Power Group

·                  Maintaining full-year EBITDA margin guidance for Global E&C Group

ZUG, SWITZERLAND, August 2, 2011 — Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the second quarter of 2011 of $63.3 million, or $0.52 per diluted share, compared with $58.9 million, or $0.46 per diluted share, in the second quarter of 2010.

Net income in both quarterly periods was impacted by asbestos-related provisions as detailed in an attached table.  Excluding such items from both quarterly periods, net income in the second quarter of 2011 was $65.3 million, or $0.53 per diluted share, compared with $61.2 million, or $0.48 per diluted share, in the year-ago quarter.

For the first six months of 2011, net income was $86.3 million, or $0.70 per diluted share, compared with $130.9 million, or $1.02 per diluted share, for the first six months of 2010.

The following tables present quarterly and average quarterly data, both as reported and as adjusted (as detailed in an attached table).  The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company’s financial results.

Foster Wheeler’s Interim Chief Executive Officer, Umberto della Sala, said, “The company reported a 17% increase in net income in the second quarter of 2011, relative to the average quarter of 2010.  The results were attributable to the very strong performance of the company’s Global Power Group, which reported sharp increases in scope revenue and scope EBITDA relative to the average quarter of 2010.”

In addition, net income for the second quarter of 2011 was aided by the continued benefit of a favorable effective tax rate.

Global Engineering and Construction (E&C) Group

·                  EBITDA in the second quarter of 2011 was lower than the average quarter of 2010 due to a reduced volume of work executed, lower margins on scope revenues and costs associated with an unfavorable utilization rate.  On a sequential-quarter basis, EBITDA and EBITDA margin on scope revenue improved from the first-quarter levels of $41.7 million and 11.6%, respectively, due in part to favorable timing and mix of work executed.

·                  Scope operating revenues in the second quarter of 2011 were below the average quarter of 2010, primarily due to a lower volume of work executed.

·                  New orders booked in Foster Wheeler scope in the second quarter of 2011 were below the level of the average quarter of 2010, reflecting the slippage of expected new awards.

Global Power Group (GPG)

·                  EBITDA in the second quarter of 2011 was 65% above the average quarter of 2010 due to higher scope revenues and margins.  EBITDA during the quarter was aided by lower than expected costs on projects for which the company is providing on-site erection of boilers.  Also contributing to EBITDA in the second quarter of 2011 was an increase in equity earnings from the company’s interest in a power plant in Chile, which benefitted from high electric power rates during the quarter.

·                  Scope new orders in the second quarter reached a near-record level — due mainly to the booking of a contract for what are expected to be the largest and most advanced supercritical CFB (circulating fluidized bed) boilers in the world.

·                  Scope operating revenues in the second quarter of 2011 were 62% above the average quarter of 2010, reflecting the increased volume of boiler work.

In commenting on the market outlook for the company’s two business units, Mr. della Sala said, “Markets seem to be improving for both of our business groups, although the pace of that improvement is slightly better in the power sector.  Even so, all of our end markets remain competitive.”

He added, “We are raising our full-year EBITDA margin guidance for the Global Power Group (GPG) to 17%-19%.  GPG is having a strong year, and we further expect the group’s 2011 revenues to be sharply higher than 2010.  We are closely tracking firm prospects in a number of regions.  However, the timing of award decisions is uncertain, and some of these prospects could slip into 2012, which would likely result in scope backlog at the end of 2011 being roughly comparable with year-end 2010.”

Mr. della Sala continued, “In our Global E&C Group, we are maintaining full-year EBITDA margin guidance of 13%-15%, but we still expect to see quarterly volatility, with the third-quarter margin likely lower than the second quarter.  We expect scope revenues to trend upward in the second half of 2011, but we now believe that full-year scope revenues will likely be essentially flat as compared to full-year 2010.  Based on the expected timing of awards, we expect scope backlog to show growth in 2011 from year-end 2010 levels.”

Share Repurchase Program

The company repurchased 3,855,847 shares during the second quarter of 2011 for approximately $131 million.  As of June 30, 2011, the company had $341 million remaining under its authorized share repurchase program.

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Net Income Attributable to Foster Wheeler AG

All references to net income in this news release indicate net income attributable to Foster Wheeler AG.

Calculation of EBITDA

EBITDA is a supplemental financial measure not defined in generally accepted accounting principles, or GAAP.  The company defines EBITDA as net income attributable to Foster Wheeler AG before interest expense, income taxes, depreciation and amortization.  The company has presented EBITDA because it believes it is an important supplemental measure of operating performance.  Certain covenants under our U.S. senior secured credit agreement use an adjusted form of EBITDA such that in the covenant calculations the EBITDA as presented herein is adjusted for certain unusual and infrequent items specifically excluded in the terms of our U.S. senior secured credit agreement.  The company believes that the line item on its consolidated statement of operations entitled “net income attributable to Foster Wheeler AG” is the most directly comparable GAAP financial measure to EBITDA.  Since EBITDA is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income attributable to Foster Wheeler AG as an indicator of operating performance or any other GAAP financial measure.

EBITDA, as calculated by the company, may not be comparable to similarly titled measures employed by other companies.  In addition, this measure does not necessarily represent funds available for discretionary use, and is not necessarily a measure of the company’s ability to fund its cash needs.  As EBITDA excludes certain financial information that is included in net income attributable to Foster Wheeler AG, users of this financial information should consider the type of events and transactions that are excluded.

The company’s non-GAAP performance measure, EBITDA, has certain material limitations as follows:

·              It does not include interest expense.  Because the company has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted the company in generating revenue.  Therefore, any measure that excludes interest expense has material limitations;

·              It does not include taxes.  Because the payment of taxes is a necessary and ongoing part of the company’s operations, any measure that excludes taxes has material limitations; and

·              It does not include depreciation and amortization.  Because the company must utilize property, plant and equipment and intangible assets in order to generate revenues in its operations, depreciation and amortization are necessary and ongoing costs of its operations.  Therefore, any measure that excludes depreciation and amortization has material limitations.

Calculation of EBITDA Margin

Segment EBITDA margin is calculated by dividing business unit operating revenues in Foster Wheeler Scope into business unit EBITDA.

Foster Wheeler Scope

Foster Wheeler Scope represents that portion of backlog, new orders booked and operating revenues on which profit can be earned.  Foster Wheeler Scope excludes revenues relating to third-party costs incurred by the company as agent or principal on a reimbursable basis.

Conference Call Information

Foster Wheeler AG plans to hold a conference call today, Tuesday, August 2, at 4:00 p.m. Central European Time (10:00 a.m. Eastern Daylight Time in the U.S.) to discuss its financial results for the second quarter ended June 30, 2011.

The call will be accessible to the public by telephone or webcast, and the company will post an accompanying slide presentation in the investor relations section of its website (www.fwc.com).  To listen to the call by telephone, dial 973-935-8752 (conference I.D. No. 76067274) approximately ten minutes before the call.  The conference call will also be available over the Internet at www.fwc.com or through StreetEvents at www.streetevents.com.

A replay of the call will be available on the company’s website for four weeks following the call.

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Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries.  The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services.  The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland.  For more information about Foster Wheeler, please visit our website at www.fwc.com.

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11-512

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company’s most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company’s redomestication or the relocation of our principal executive offices to Geneva, Switzerland; the benefits, effects or results of our strategic renewal initiative;  further deterioration in global economic conditions, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing global competition, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

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Foster Wheeler AG and Subsidiaries

Consolidated Statement of Operations

(in thousands of dollars, except share data and per share amounts)

(unaudited)

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Foster Wheeler AG and Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

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Foster Wheeler AG and Subsidiaries

Business Segments

(in thousands of dollars)

(unaudited)

(1)         Foster Wheeler Scope represents the portion of backlog, new orders booked and operating revenues on which profit can be earned.  Foster Wheeler Scope excludes revenues relating to third-party costs incurred by the company as agent or principal on a reimbursable basis.

(2)         Includes intersegment eliminations.

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Foster Wheeler AG and Subsidiaries

Reconciliations of EBITDA and Foster Wheeler Scope

(in thousands of dollars)

(unaudited)

(1)         The depreciation / amortization by business segment:

* Net income attributable to Foster Wheeler AG.

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Foster Wheeler AG and Subsidiaries

EBITDA, Net Income* and Diluted Earnings Per Share Reconciliation

(in thousands of dollars, except per share amounts)

(unaudited)