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Foster Wheeler Acquire Offshore Engineering Business

Apr 1 2009

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Foster Wheeler AG (Nasdaq: FWLT) announced today that its Houston-headquartered operating unit, Foster Wheeler USA Corporation, has completed its acquisition of the assets of the offshore engineering division of OPE Holdings Limited, which has operations in Houston and Trinidad & Tobago.

Foster Wheeler did not disclose the terms of the transaction.

"This acquisition is part of Foster Wheeler’s strategic objective to increase its capabilities in upstream oil and gas," said W. Troy Roder, president and chief executive officer, Foster Wheeler USA Corporation. "OPE’s expertise in this area is widely recognized. The transaction broadens the product offering of our Houston office -- and boosts the capacity of that office by almost 10 percent. More importantly, the transaction strengthens the platform for Foster Wheeler USA in the upstream area, where we intend to grow."

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