Exhibit 10.59

[logo.gif] Detroit   New York   Chicago   Dallas

  January 21, 2004

 

  Mr. Raymond Milchovich

  Chief Executive Officer

  Foster Wheeler Ltd.

  Perryville Corporate Park

  Clinton, NJ 08809-4000

 

  Re:   Interim Management and Restructuring Services — Third Amendment

Dear Mr. Milchovich:

This letter represents the Third Amendment to the agreement dated November 22,
2002 (the “Agreement”) between AP Services, LLC, (“APS”) and Foster Wheeler
Ltd., a Bermuda corporation (the “Company”), to provide interim management
services and to assist the Company in its restructuring. Except as modified
herein, all other terms and conditions of the Agreement shall remain intact.

The Company agrees to pay APS a “Success Fee” of $175,000 for the month of
January 2004, which is incremental to the Success Fees reflected in the
Agreement, as amended. Ken Hiltz’s and Ryan Esko’s responsibilities will be
substantially completed by February 1, 2004. Responsibilities can be extended
under mutually agreeable terms.

Tom Feraco will continue his responsibilities assisting Bud Cherry (CEO North
America Corp) and Tony Scerbo (CFO North America Corp) with the North American
operations. Tom Feraco’s responsibilities will be completed by March 31, 2004.
His responsibilities will include:

  • Assist management in their process to appropriately define the size of the
future business.         • Assist management in identifying and implementing
cost reductions.         • Assist management with the development of the
Company’s revised business plan.

 

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      Mr. Raymond Milchovich

  January 21, 2004

  Page Two

 

  If this Third Amendment meets with your approval, please sign and return the
enclosed copy. We look forward to our continuing relationship with you.

      Sincerely yours,

      AP SERVICES, LLC

      /s/ Kenneth A. Hiltz

  Kenneth A. Hiltz

  Principal

       

      Acknowledged and Agreed to:

      FOSTER WHEELER LTD.

      /s/ Raymond J. Milchovich   Raymond J. Milchovich

  Its: Chairman, President & CEO

  Dated: 1/22/04

 

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