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Table\ue000 of\ue000 Contents
\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
\ue000
\ue000
\ue000
\ue000
FORM\ue000 10-K
\ue000
\ue000
\ue000
\ue000
(Mark\ue000 One)
\u02db\ue000 ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 26,\ue000 2008
OR
o\ue000 TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 or\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000............\ue000 to\ue000.............
\ue000
Commission\ue000 file\ue000 number\ue000 001-31305
\ue000
FOSTER\ue000 WHEELER\ue000 AG
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
\ue000
\ue000
\ue000
Switzerland
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of\ue000 incorporation\ue000 or\ue000 organization)
\ue000
98-0607469
(I.R.S.\ue000 Employer\ue000 Identification\ue000 No).
\ue000
\ue000 \ue000
Perryville\ue000 Corporate\ue000 Park,\ue000 Clinton,\ue000 New\ue000 Jersey
(Address\ue000 of\ue000 Principal\ue000 Executive\ue000 Offices)
\ue000
08809-4000
(Zip\ue000 Code)
\ue000
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:
(908)\ue000 730-4000
\ue000
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
\ue000
\ue000
\ue000
\ue000
\ue000
(Title\ue000 of\ue000 Each\ue000 Class)
\ue000
(Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which\ue000 registered)
Foster\ue000 Wheeler\ue000 AG,
Registered\ue000 Shares,\ue000 CHF\ue000 3.00\ue000 par\ue000 value
\ue000
The\ue000 NASDAQ\ue000 Stock\ue000 Market\ue000 LLC
\ue000
\ue000
\ue000
Foster\ue000 Wheeler\ue000 AG,
Class\ue000 A\ue000 Registered\ue000 Share\ue000 Purchase\ue000 Warrants
\ue000
The\ue000 NASDAQ\ue000 Stock\ue000 Market\ue000 LLC
\ue000
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
\ue000
\ue000
\ue000
\ue000
(Title\ue000 of\ue000 Each\ue000 Class)
\ue000
(Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which\ue000 registered)
\ue000
None
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000\u02db \ue000 Yes\ue000o \ue000 No
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000 \ue000o \ue000 \ue000 Yes\ue000\u02db \ue000 No
\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been\ue000 subject\ue000 to such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000\u02db \ue000 Yes\ue000o \ue000 No

\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form\ue000 10-
K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000 \ue000\u02db

\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting
company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act.
(Check\ue000 one):

\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
Large\ue000 accelerated\ue000 filer\ue000\u02db
\ue000
Accelerated\ue000 filer\ue000o
\ue000
Non-accelerated\ue000 filer\ue000o
(Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting
company)
\ue000
Smaller\ue000 reporting
Company\ue000o
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Act).\ue000 \ue000o \ue000 \ue000 Yes\ue000\u02db \ue000 No
\ue000

The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 the\ue000 voting\ue000 and\ue000 non-voting\ue000 common\ue000 equity\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 was\ue000 approximately
$9,450,000,000\ue000 as\ue000 of\ue000 the\ue000 last\ue000 business\ue000 day\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 most\ue000 recently\ue000 completed\ue000 second\ue000 fiscal\ue000 quarter,\ue000 based\ue000 upon\ue000 the\ue000 closing\ue000 sale\ue000 price\ue000 on\ue000 the
NASDAQ\ue000 Global\ue000 Select\ue000 Market\ue000 reported\ue000 for\ue000 such\ue000 date.\ue000 Common\ue000 shares\ue000 held\ue000 as\ue000 of\ue000 such\ue000 date\ue000 by\ue000 each\ue000 officer\ue000 and\ue000 director\ue000 and\ue000 by\ue000 each\ue000 person\ue000 who
owns\ue000 5%\ue000 or\ue000 more\ue000 of\ue000 the\ue000 outstanding\ue000 common\ue000 shares\ue000 have\ue000 been\ue000 excluded\ue000 in\ue000 that\ue000 such\ue000 persons\ue000 may\ue000 be\ue000 deemed\ue000 to\ue000 be\ue000 affiliates.\ue000 This\ue000 determination\ue000 of

Processed and formatted by SEC Watch - Visit SECWatch.com
affiliate\ue000 status\ue000 is\ue000 not\ue000 necessarily\ue000 a\ue000 conclusive\ue000 determination\ue000 for\ue000 other\ue000 purposes.
\ue000
There\ue000 were\ue000 126,416,237\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 registered\ue000 shares\ue000 issued\ue000 and\ue000 outstanding\ue000 as\ue000 of\ue000 February\ue000 13,\ue000 2009.
\ue000
DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE:
\ue000

Part\ue000 III\ue000 incorporates\ue000 information\ue000 by\ue000 reference\ue000 from\ue000 the\ue000 definitive\ue000 proxy\ue000 statement\ue000 for\ue000 the\ue000 Annual\ue000 General\ue000 Meeting\ue000 of\ue000 Shareholders,\ue000 which\ue000 is expected\ue000 to\ue000 be\ue000 filed\ue000 with\ue000 the\ue000 Securities\ue000 and\ue000 Exchange\ue000 Commission\ue000 within\ue000 120\ue000 days\ue000 of\ue000 the\ue000 close\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 26, 2008.

\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
\ue000
FOSTER\ue000 WHEELER\ue000 AG
\ue000
EXPLANATORY\ue000 NOTE
\ue000

This\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K\ue000 is\ue000 being\ue000 filed\ue000 pursuant\ue000 to\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 as\ue000 amended\ue000 (the
\u201cExchange\ue000 Act\u201d),\ue000 by\ue000 Foster\ue000 Wheeler\ue000 AG,\ue000 a\ue000 Swiss\ue000 corporation,\ue000 as\ue000 successor\ue000 to\ue000 Foster\ue000 Wheeler\ue000 Ltd.,\ue000 a\ue000 company
incorporated\ue000 under\ue000 the\ue000 laws\ue000 of\ue000 Bermuda.\ue000 Pursuant\ue000 to\ue000 a\ue000 scheme\ue000 of\ue000 arrangement\ue000 under\ue000 Bermuda\ue000 law\ue000 (the\ue000 \u201cScheme\ue000 of
Arrangement\u201d)\ue000 described\ue000 in\ue000 Part\ue000 I,\ue000 Item\ue000 1,\ue000 \u201cBusiness\ue000 \u2014\ue000 The\ue000 Redomestication,\u201d\ue000 on\ue000 February\ue000 9,\ue000 2009\ue000 all\ue000 of\ue000 the\ue000 previously
outstanding\ue000 common\ue000 shares\ue000 of\ue000 Foster\ue000 Wheeler\ue000 Ltd.\ue000 were\ue000 cancelled\ue000 and\ue000 each\ue000 holder\ue000 of\ue000 cancelled\ue000 Foster\ue000 Wheeler\ue000 Ltd.
common\ue000 shares\ue000 received\ue000 registered\ue000 shares\ue000 of\ue000 Foster\ue000 Wheeler\ue000 AG\ue000 (or\ue000 cash\ue000 in\ue000 lieu\ue000 of\ue000 any\ue000 fractional\ue000 common\ue000 shares).\ue000 As\ue000 a
result\ue000 of\ue000 the\ue000 Scheme\ue000 of\ue000 Arrangement,\ue000 Foster\ue000 Wheeler\ue000 Ltd.\ue000 became\ue000 a\ue000 wholly-owned\ue000 subsidiary\ue000 of\ue000 Foster\ue000 Wheeler\ue000 AG.
Pursuant\ue000 to\ue000 Rule\ue000 12g-3\ue000 under\ue000 the\ue000 Exchange\ue000 Act,\ue000 Foster\ue000 Wheeler\ue000 AG\ue000 is\ue000 filing\ue000 this\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K,\ue000 which
covers\ue000 the\ue000 last\ue000 full\ue000 fiscal\ue000 year\ue000 of\ue000 Foster\ue000 Wheeler\ue000 Ltd.\ue000 before\ue000 the\ue000 succession,\ue000 as\ue000 the\ue000 successor\ue000 issuer\ue000 for\ue000 reporting\ue000 purposes
under\ue000 the\ue000 Exchange\ue000 Act.\ue000 Certain\ue000 disclosures\ue000 relating\ue000 specifically\ue000 to\ue000 Foster\ue000 Wheeler\ue000 AG\ue000 are\ue000 noted\ue000 throughout\ue000 this\ue000 Annual

Report\ue000 on\ue000 Form\ue000 10-K.
\ue000
INDEX
\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
\ue000
ITEM
\ue000
\ue000
\ue000Page
\ue000
PART\ue000 I
1.
\ue000Business
\ue000 \ue000 2\ue000
1A.
\ue000Risk\ue000 Factors
\ue000 \ue000 10\ue000
1B.
\ue000Unresolved\ue000 Staff\ue000 Comments
\ue000 \ue000 21\ue000
2.
\ue000Properties
\ue000 \ue000 22\ue000
3.
\ue000Legal\ue000 Proceedings
\ue000 \ue000 24\ue000
4.
\ue000Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000 \ue000 24\ue000
\ue000
PART\ue000 II
5.
\ue000
Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity
Securities
\ue000 \ue000 25\ue000
6.
\ue000Selected\ue000 Financial\ue000 Data
\ue000 \ue000 28\ue000
7.
\ue000Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000 \ue000 30\ue000
7A.
\ue000Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 about\ue000 Market\ue000 Risk
\ue000 \ue000 72\ue000
8.
\ue000Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000 \ue000 74\ue000
9.
\ue000Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000 \ue000 142\ue000
9A.
\ue000Controls\ue000 and\ue000 Procedures
\ue000 \ue000 142\ue000
9B.
\ue000Other\ue000 Information
\ue000 \ue000 142\ue000
\ue000
PART\ue000 III
10.
\ue000Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000 \ue000 143\ue000
11.
\ue000Executive\ue000 Compensation
\ue000 \ue000 143\ue000
12.
\ue000Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters \ue000 \ue000 143\ue000
13.
\ue000Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
\ue000 \ue000 144\ue000
14.
\ue000Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services
\ue000 \ue000 144\ue000
\ue000
PART\ue000 IV
15.
\ue000Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000 \ue000 145\ue000

\ue000EX-10.8:\ue000 GUARANTEE\ue000 FACILITY
\ue000EX-10.26:\ue000 FIRST\ue000 AMENDMENT\ue000 TO\ue000 1995\ue000 STOCK\ue000 OPTION\ue000 PLAN
\ue000EX-10.29:\ue000 FIRST\ue000 AMENDMENT\ue000 TO\ue000 ANNUAL\ue000 EXECUTIVE\ue000 SHORT-TERM\ue000 INCENTIVE\ue000 PLAN
\ue000EX-10.37:\ue000 FIRST\ue000 AMENDMENT\ue000 TO\ue000 OMNIBUS\ue000 INCENTIVE\ue000 PLAN
\ue000EX-10.41:\ue000 FORM\ue000 OF\ue000 EMPLOYEE\ue000 NONQUALIFIED\ue000 STOCK\ue000 OPTION\ue000 AGREEMENT
\ue000EX-10.43:\ue000 FORM\ue000 OF\ue000 EMPLOYEE\ue000 RESTRICTED\ue000 STOCK\ue000 UNIT\ue000 AWARD\ue000 AGREEMENT
\ue000EX-10.45:\ue000 FORM\ue000 OF\ue000 DIRECTOR\ue000 NONQUALIFIED\ue000 STOCK\ue000 OPTION\ue000 AGREEMENT
\ue000EX-10.47:\ue000 FORM\ue000 OF\ue000 DIRECTOR\ue000 RESTRICTED\ue000 STOCK\ue000 UNIT\ue000 AGREEMENT
\ue000EX-10.76:\ue000 EMPLOYMENT\ue000 AGREEMENT
\ue000EX-10.77:\ue000 EMPLOYMENT\ue000 AGREEMENT
\ue000EX-21.0:\ue000 SUBSIDIARIES
\ue000EX-23.1:\ue000 CONSENT\ue000 OF\ue000 INDEPENDENT\ue000 REGISTERED\ue000 PUBLIC\ue000 ACCOUNTING\ue000 FIRM
\ue000EX-23.2:\ue000 CONSENT\ue000 OF\ue000 ANALYSIS,\ue000 RESEARCH\ue000 &\ue000 PLANNING\ue000 CORPORATION
\ue000EX-23.3:\ue000 CONSENT\ue000 OF\ue000 PETERSON\ue000 RISK\ue000 CONSULTING\ue000 LLC
\ue000EX-31.1:\ue000 CERTIFICATION
\ue000EX-31.2:\ue000 CERTIFICATION
\ue000EX-32.1:\ue000 CERTIFICATION

\ue000
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