B&W Thermal Awarded $13 Million in New Contracts as North American Market Strengthens

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) reported securing new construction service projects worth approximately $13 million in North America. These projects span various industries, including pulp and paper, mining, and petroleum refining, as the market recovers post-COVID-19 delays. COO Jimmy Morgan highlighted a strengthening demand in energy and industrial construction, predicting continued growth as the economy improves. B&W Thermal operates multiple regional offices to manage these projects efficiently, positioning itself to meet the increasing market needs for construction and maintenance services.

Positive

• Booking of new construction projects valued at approximately $13 million.
• Strengthening demand for energy and industrial construction services post-COVID-19.
• Diverse project engagement across various robust industries.

Negative

• None.

Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Thermal segment has booked new construction service projects in North America valued at approximately $13 million as the market strengthens and projects continue to restart following delays in 2020.

The projects include services for a range of industries including pulp and paper, mining and petroleum refining and will be executed by Babcock & Wilcox Construction Co., LLC.

“We are seeing an overall strengthening of the market for energy and industrial construction projects in North America, and B&W Thermal is poised to capitalize on these emerging opportunities and grow our business,” said B&W Chief Operating Officer Jimmy Morgan. “Many projects were delayed due to the impact of COVID-19 last year, but we’re seeing customers now moving forward with necessary work that had been previously put on hold. The recent inclement weather also has forced higher loads within the utility sector and we anticipate stronger demand for parts and services going forward.”

“B&W Thermal provides a full range of field construction, construction management and maintenance services for industrial and utility customers and we look forward to serving our customers for these new contracts, which include boiler repairs, equipment installation and other service work,” Morgan said. “As the North American manufacturing sector continues to ramp up as the economy improves, we anticipate significant ongoing demand by customers for construction and maintenance services, and we’re well-positioned to meet the needs of the market.”

B&W Thermal operates regional construction offices strategically located across the U.S. and Canada to quickly and safely respond to fast turnaround requests and effectively manage projects. B&W provides construction services to a variety of industries, including power, oil & gas, oil sands, chemical and petrochemical, pulp & paper, renewables and waste-to-energy and general manufacturing.

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 LinkedIn 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. Babcock & Wilcox Thermal 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 booking of multiple new construction projects in North America, as well as ongoing demand by customers for construction and maintenance services. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223005501/en/

FAQ

What is the value of the new construction projects announced by Babcock & Wilcox (BW)?

Babcock & Wilcox announced new construction service projects valued at approximately $13 million.

Which industries are involved in the new projects by Babcock & Wilcox (BW)?

The new projects involve industries including pulp and paper, mining, and petroleum refining.

How is the market for Babcock & Wilcox (BW) impacting their business operations?

The market for energy and industrial construction is strengthening, leading to increased demand for services by Babcock & Wilcox.

What is Babcock & Wilcox's (BW) strategy for managing new construction projects?

Babcock & Wilcox operates regional offices to manage projects effectively and respond to fast turnaround requests.