Exhibit 99.1

FOSTER WHEELER REPORTS RESULTS FOR THIRD QUARTER OF 2011

ZUG, SWITZERLAND, November 2, 2011 — Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the third quarter of 2011 of $36.9 million, or $0.31 per diluted share, compared with $51.7 million, or $0.41 per diluted share, in the third quarter of 2010.

Net income in both quarterly periods was impacted by asbestos-related gains and provisions as detailed in an attached table.  Excluding such items from both quarterly periods, net income in the third quarter of 2011 was $38.8 million, or $0.33 per diluted share, compared with $50.1 million, or $0.40 per diluted share, in the year-ago quarter.

For the first nine months of 2011, net income was $123.1 million, or $1.01 per diluted share, compared with $182.6 million, or $1.44 per diluted share, for the first nine 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 Chief Executive Officer, Kent Masters, said, “Net income for the third quarter of 2011 was down relative to the average quarter of 2010, primarily due to lower EBITDA margins in the company’s two business groups.  Even so, both groups delivered strong revenues and continued good operating performance.  In particular, the company reported the highest level of consolidated scope revenues since the fourth quarter of 2009.”

Global Engineering and Construction (E&C) Group

·                  EBITDA in the third quarter of 2011 was below the average quarter of 2010 but has trended up since the first quarter of 2011.  The EBITDA margins on scope revenue for the third quarter and average quarter of 2011 were within the range of guidance for the full-year 2011.

·                  Scope operating revenues in the third quarter of 2011 were below the average quarter of 2010 but have trended upward since the first quarter of 2011.

·                  New orders booked in Foster Wheeler scope in the third quarter of 2011 were below the level of the average quarter of 2010, reflecting a mix of small and medium awards.

Global Power Group (GPG)

*excluding third-party debt payment of $21.9 million; including this payment, EBITDA and EBITDA margin (FW Scope) were $41.0 and 23.0%, respectively.

·                  EBITDA in the third quarter of 2011 was comparable to the average quarter of 2010, excluding the effect on the 2010 average quarter of a third-party debt payment.  The EBITDA margin on scope revenue for the average quarter of 2011 was within the range of guidance for the full-year 2011.

·                  Scope operating revenues in the third quarter of 2011 were well above the average quarter of 2010.

·                  Scope new orders in the third quarter were below the average quarter of 2010 due to the absence of boiler orders.

In commenting on the outlook for the company’s two business groups, Masters said, “In our Global E&C Group, we are maintaining full-year 2011 EBITDA margin guidance of 13%-15%.   We expect to see a continuation of the trend of sequential-quarter increases in scope revenues, but we believe full-year scope revenues will be slightly below full-year 2010.  Based on slippage in the timing of expected new awards, we now believe scope backlog at year-end 2011 will be below year-end 2010.”

Masters continued, “We are maintaining our full-year 2011 EBITDA margin guidance of 17% to 19% for the Global Power Group.   GPG remains on track to report full-year scope revenues that are materially higher than 2010, and we now believe that the Group will end the year with an increase in scope backlog versus year-end 2010.”

Share Repurchase Program

The company repurchased 3,526,194 shares during the third quarter of 2011 for approximately $80 million.  As of September 30, 2011, the company had approximately $261 million remaining under its authorized share repurchase program.

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.

2

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, Wednesday, November 2, at 4:00 p.m. Central European Time (11:00 a.m. Eastern Daylight Time in the U.S.) to discuss its financial results for the third quarter ended September 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. 15646794) 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 web site for four weeks following the call.

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 Web site at www.fwc.com.

#     #     #

11-535

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

3

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, terrorist attacks and/or natural disasters affecting 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.

#     #     #

4

Foster Wheeler AG and Subsidiaries

Consolidated Statement of Operations

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

(unaudited)

5

Foster Wheeler AG and Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

6

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.

7

Foster Wheeler AG and Subsidiaries

Reconciliations of EBITDA and Foster Wheeler Scope

(in thousands of dollars)

(unaudited)

8

Foster Wheeler AG and Subsidiaries

EBITDA, Net Income* and Diluted Earnings Per Share Reconciliation

(in thousands of dollars, except per share amounts)

(unaudited)