October 24, 2020

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Babcock & Wilcox Thermal Awarded Air Heater Replacement Contract for U.S. Power Plant

AKRON, Ohio–(BUSINESS WIRE)–$BW–Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Thermal segment will supply and install replacement secondary air heater components for a U.S. power plant.

The contract was awarded to B&W’s subsidiary, Babcock & Wilcox Construction Co., LLC (BWCC), and is valued at approximately $5 million. Concurrent with this work, the company will resume outage maintenance work at the same plant that had been delayed since Spring 2020. The postponed maintenance work contract was awarded to BWCC in 2019 and is valued at approximately $8 million.

“B&W Thermal has the technologies and capabilities to provide a complete suite of replacement parts, equipment and field services to the global power fleet,” said B&W Chief Operating Officer Jimmy Morgan. “We’re pleased to build on our strong relationship with our customer and appreciate the confidence they place in the work we perform.”

“We’re also encouraged that this project that was temporarily paused earlier this year has restarted, allowing us to continue to provide critical services to this customer,” Morgan added.

B&W Thermal’s regional construction service centers, which allow the company to quickly and efficiently serve customers anywhere in North America, will provide support for these projects. Both projects are expected to be completed in the fourth quarter of 2020.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

About B&W Thermal

Babcock & Wilcox Thermal designs, manufactures and erects steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil & gas, and industrial sectors. B&W has an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and more.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of a contract to supply and install replacement secondary air heater components for a U.S. power plant. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Contacts

Investor Contact:
Megan Wilson

Vice President, Corporate Development & Investor Relations

Babcock & Wilcox

704.625.4944 | investors@babcock.com

Media Contact:
Ryan Cornell

Public Relations

Babcock & Wilcox

330.860.1345 | rscornell@babcock.com

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