Exhibit 99.1

                                  PRESS RELEASE

                 FOSTER WHEELER ANNOUNCES PLANS FOR UNREGISTERED
                   OFFERING OF CONVERTIBLE SUBORDINATED DEBT


Clinton,  New Jersey and Hamilton,  Bermuda,  May 18, 2001:  Foster Wheeler Ltd.
announced  today that it proposes  to make an  offering  of $150  million of its
convertible subordinated notes due 2007, which it expects to close by the end of
this month. The initial purchasers  involved in this offering will be granted an
option to  purchase  additional  convertible  subordinated  notes,  which  would
provide up to $30 million of additional  gross proceeds to Foster  Wheeler.  The
convertible  subordinated  notes will be  guaranteed  by Foster  Wheeler LLC, an
indirectly wholly-owned subsidiary of Foster Wheeler Ltd.

The  convertible  subordinated  notes will be  immediately  convertible,  at the
option of the holders,  into Foster Wheeler Ltd.'s common shares. Foster Wheeler
intends to use the net  proceeds of the  convertible  subordinated  notes to pay
existing borrowings under its revolving credit facilities.

Pursuant to a  reorganization,  the common stock of Foster  Wheeler  Corporation
(NYSE:FWC) will  automatically  become common shares of Foster Wheeler Ltd. on a
one-for-one  basis.  The  closing  of  the  convertible  subordinated  notes  is
conditioned upon the closing of the reorganization.

The offering will be made on a Rule 144A basis to qualified institutional buyers
and  otherwise  pursuant to  exemptions  under the  Securities  Act of 1933,  as
amended, and will have certain  registration  rights.  Foster Wheeler intends to
file a registration  statement for the convertible  subordinated  notes with the
Securities and Exchange Commission within 90 days after their original issuance.

This press release shall not constitute an offer to sell or a solicitation of an
offer to buy the convertible  subordinated notes, nor shall there be any sale of
these  convertible  subordinated  notes  in  any  state  in  which  such  offer,
solicitation or sale would be unlawful prior to  registration  or  qualification
under the securities  laws of any such state.  Any offer, if any at all, will be
made only by means of an offering memorandum. The convertible subordinated notes
have not been registered under the Securities Act and may not be offered or sold
in the  United  States  absent  registration  or an  applicable  exemption  from
registration.

The convertible  subordinated  notes will not be registered under the Securities
Act of  1933,  as  amended,  and may not be sold  in the  United  States  absent
registration or an applicable exemption from registration requirements.
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Notes to Editors:

1.   Foster  Wheeler  Corporation  is a global  company  offering,  through  its
     subsidiaries,   a  broad  range  of  design,   engineering,   construction,
     manufacturing,   project  development  and  management,   research,   plant
     operations and environmental  services.  The Corporation's  operations  are
     in Clinton,  N.J.  For more  information  about Foster  Wheeler,  visit our
     World-Wide Web site at www.fwc.

2.   Safe Harbor Statement

     This news release  contains  forward-looking  statements  that are based on
     management's  assumptions,  expectations and projections  about the various
     industries  within which the  Corporation  operates.  Such  forward-looking
     statements by their nature  involve a degree of risk and  uncertainty.  The
     Corporation  cautions that a variety of factors,  including but not limited
     to the  following,  could cause  business  conditions and results to differ
     materially from what is contained in forward-looking statements: changes in
     the  rate  of  economic  growth  in  the  United  States  and  other  major
     international  economies,  changes in investment  by the energy,  power and
     environmental  industries,  changes in regulatory  environment,  changes in
     project  scheduled,   changes  in  trade,   monetary  and  fiscal  policies
     worldwide,   currency   fluctuations,   outcomes   of  pending  and  future
     litigation,  protection  and  validity  of patents  and other  intellectual
     property  rights,  and  increasing  competition  by  foreign  and  domestic
     companies.

MEDIA CONTACTS ONLY:  Alastair Davie 908-730-4444
                      Rita Kroeber 908-730-4448

OTHER INQUIRIES: 908-730-4000