FOSTER WHEELER LTD. AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF EARNINGS - SUMMARY
 (In Thousands of Dollars, Except per Share Amounts)
 
 Three Months Ended Six Months Ended  
 --------------------------- ---------------------------
 June 2002 June 2001 June 2002 June 2001 
 ------------- ------------- ------------- -------------
  
Unfilled orders $ 5,713,223 $ 6,332,562 $ 5,713,223 $ 6,332,562 
 
New orders booked 648,389 1,162,802 1,441,219 2,113,253 
 ============= ============= ============= =============
 
Revenues: 
 Operating revenues 944,334 826,882 1,739,743 1,509,525 
 Other income 14,567 13,301 25,187 28,893 
 ------------- ------------- ------------- -------------
  
 Total revenues 958,901 840,183 1,764,930 1,538,418 
 ------------- ------------- ------------- -------------
 
Cost and Expenses:  
 Cost of operating 
 revenues 895,547 742,461 1,607,479 1,350,146 
 Selling, general &  
 administrative 
 expenses 57,086 59,644 110,724 111,041 
 Other 
 deductions/minority 
 interest 91,392 13,135 129,641 21,016 
 Interest expense 15,053 15,434 31,957 32,262 
 Dividends on  
 preferred security 
 of 
 subsidiary trust 4,104 3,938 8,116 7,875 
 ------------- ------------- ------------- -------------
 
 Total costs and 
 expenses 1,063,182 834,612 1,887,917 1,522,340 
 ------------- ------------- ------------- -------------
 
(Loss)/earnings  
 before income taxes (104,281) 5,571 (122,987) 16,078 
Provision for income 
 taxes 4,695 4,782 10,579 7,184 
 ------------- ------------- ------------- -------------
 
(Loss)/earnings 
 before cumulative  
 effect of a change 
 in accounting 
 principle for 
 goodwill (108,976) 789 (133,566) 8,894 
 ------------- ------------- ------------- -------------
 
Cumulative effect on  
 prior years of a 
 change in accounting 
 principle for  
 goodwill 0 0 (24,800) 0 
 ------------- ------------- ------------- -------------
 
Net (loss)/
 earnings $ (108,976) $ 789 $ (158,366) $ 8,894 
 ============= ============= ============= =============
 
Earnings per share:  
 Basic and diluted 
 before cumulative 
 effect of a 
 change in  
 accounting 
 principle for 
 goodwill $ (2.66) $ 0.02 $ (3.26) $ 0.22 
  ============= ============= ============= =============
 
Cumulative effect on 
 prior years of a  
 change in accounting 
 principle for 
 goodwill $ 0.00 $ 0.00 $ (0.61) $ 0.00 
 ============= ============= ============= =============
 
(Loss)/earnings per 
 share $ (2.66) $ 0.02 $ (3.87) $ 0.22 
 ============= ============= ============= =============
 
Cash dividends paid  
 per share $ 0.00 $ 0.06 $ 0.00 $ 0.12 
 ============= ============= ============= =============
 
Shares outstanding:  
 Basic: Weighted 
 average number of 
 shares  
 outstanding (In 
 thousands) 40,945 40,891 40,932 40,863 
 
 Diluted - Effect of 
 stock options 0 360 0 335
 Convertible Debt (a) (a) (a) (a)
 ------------- ------------- ------------- -------------
 Total Diluted (a) 40,945 41,251 40,932 41,198 
 ============= ============= ============= =============
 
  1) Includes in cost of operating revenues for the three and six
 months ended 2002, $47,900 for claim writedowns and $20,700
 for gains on foreign exchange contracts.
 
  2) Includes in other deductions, for the three and six months
  ended 2002, $55,800 and $74,800, respectively for anticipated
 loss on sale of assets.
 
  3) Includes in other deductions, for the three and six months
 ended 2001, $5,000 loss on sale of a hydrogen plant.
 
  4) Includes in provision for income taxes in the three and six
 months ended 2002, $39,600 and $60,000, respectively for a
 reserve for deferred tax assets of which $8,700 is reflected
 in the cumulative effect of a change in accounting principle
 for goodwill.
 
  5) Includes $24,800 in connection with the Company's
 implementation of SFAS 142 "Goodwill and Other Intangible
 Assets", as it relates to the Camden waste to energy facility.
 
  (a) Diluted per share data has been computed based on the basic
 plus the dilution of stock options. The shares relating to the
 convertible debt were not included in the calculation due to
 their antidilutive effect.
 
 Foster Wheeler Ltd. and Subsidiaries
  Major Business Groups
 (In Millions of Dollars)
 
 
 Three Months Ended Six Months Ended 
 June 2002 June 2001 June 2002 June 2001 
  ---------- --------- --------- ----------
 
Engineering and
Construction (EC) 
----------------- 
 Unfilled orders $ 4,360.3  $ 4,410.4 $ 4,360.3 $ 4,410.4 
 New orders booked 512.6 635.1 895.9 1,212.1 
 Revenues 560.2 535.7 981.3 1,009.3 
 Interest expense (0.3) 1.1 (0.6) 1.4 
 (Loss)/earnings before 
 income taxes (1)(2) (37.2) 20.3 (16.7) 39.1 
 EBITDA $ (33.5) $ 26.8 $ (8.9) $ 50.9 
  
Energy Equipment (EE) 
---------------------- 
 Unfilled orders $ 1,364.7 $ 2,023.9 $ 1,364.7 $ 2,023.9 
 New orders booked 138.0 525.8 552.0 904.7 
 Revenues 411.9 313.4 799.3 552.0 
 Interest expense 4.4 6.0 11.7 12.1 
 (Loss)/earnings before 
  income taxes and 
 cumulative effect of a 
 
 change in accounting  
 principle for 
 goodwill (1)(2)(3) (18.2) 8.1 (20.0) 17.8 
 EBITDA $ (7.8) $ 21.9 $ 3.8 $ 45.8 
  
Corporate and Financial 
 Services (5) 
-----------------------  
 Unfilled orders $ (11.8) $ (101.7) $ (11.8) $ (101.7)
 New orders booked (2.2) 1.9 (6.7) (3.5)
 Revenues (13.2) (8.9) (15.7) (22.9)
 Interest expense (4) 15.0  12.2 28.9 26.6 
 (Loss) before income 
 taxes (48.9) (22.8) (86.3) (40.8)
 EBITDA $ (32.6) $ (9.8) $ (55.1) $ (12.7)
  
Total 
----- 
 Unfilled orders $ 5,713.2 $ 6,332.6 $ 5,713.2 $ 6,332.6 
 New orders booked 648.4 1,162.8 1,441.2 2,113.3 
 Revenues 958.9 840.2 1,764.9 1,538.4 
 Interest expense (4) 19.1 19.3 40.0 40.1 
 (Loss)/earnings before  
 income taxes (104.3) 5.6 (123.0) 16.1 
 Provision for income 
 taxes 4.7 4.8 10.6 7.2 
 (Loss)/earnings before 
 cumulative effect of a 
 change in 
 accounting principle  
 for goodwill (109.0) 0.8 (133.6) 8.9 
 Cumulative effect on 
 prior years of a 
 change in  
 accounting 
 principle for 
 goodwill 0.0 0.0 (24.8) 0.0 
 Net (loss)/earnings (109.0) 0.8 (158.4) 8.9 
 EBITDA $ (73.9) $ 38.9 $ (60.2) $ 84.0 
 
  
  1) Includes in the three and six months ended 2002, claim
 writedowns for EC ($27.2) and for EE ($20.7)
 
  2) Includes in the three and six months ended 2002, anticipated
 loss on sale of assets for EC ($24.0) and for EE ($31.8 and
 $50.8), respectively.
 
  3) Includes in the three and six months ended 2001, $5.0 loss on
 sale of a hydrogen plant.
 
  4) Includes dividends on preferred security of subsidiary trust.
 
  5) Includes intersegment eliminations.