Babcock & Wilcox Awarded $42 Million Contract for Installation of Environmental Equipment for U.S. Power Plant

Rhea-AI Summary

Babcock & Wilcox (BW) has secured a contract worth approximately $42 million for construction and installation services at a U.S. power plant aimed at enhancing its environmental performance. The contract is awarded to Babcock & Wilcox Construction Co., LLC (BWCC), which emphasizes its expertise in environmental upgrades. Safety and timely project delivery are highlighted as top priorities. This contract reinforces BW's capability as a reliable provider of environmental solutions, aligning with its commitment to maintaining efficient and clean power operations.

Positive

• Contract awarded to BWCC for $42 million environmental upgrade project.
• BWCC's strong track record in executing U.S. environmental projects safely.
• Commitment to project completion on schedule and with safety as a priority.

Negative

• None.

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that Babcock & Wilcox Construction Co., LLC (BWCC) has been awarded a contract for approximately $42 million to provide construction and installation services for an environmental upgrade project at a U.S. power plant.

“We have significant experience and expertise in large environmental installation projects to help the U.S. power fleet continue to operate cleanly and efficiently,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “BWCC is a single-source supplier of a full range of field construction, construction management and maintenance services and our customers can count on us to execute projects on schedule and with intense focus on delivering a finished product that meets every expectation.”

BWCC’s project scope includes the modification of the plant’s environmental equipment to optimize the plant’s operation.

As with all BWCC projects, safety and finishing each day incident- and injury-free will be a top priority.

“BWCC has a strong history of performing high-quality work and executing U.S. environmental projects safely,” said BWCC Vice President and General Manager Mike Hidas. “We look forward to delivering this critical upgrade project to our customer.”

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of a contract to provide construction and installation services for a power plant in the United States. 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/20220818005259/en/

Investor Contact:

Investor Relations

Babcock & Wilcox

704.625.4944

investors@babcock.com

Media Contact:

Ryan Cornell

Public Relations

Babcock & Wilcox

330.860.1345

rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.

FAQ

What contract did Babcock & Wilcox (BW) recently secure?

Babcock & Wilcox secured a contract for approximately $42 million for environmental upgrade services at a U.S. power plant.

What is the amount of the contract awarded to BWCC?

The contract awarded to Babcock & Wilcox Construction Co., LLC (BWCC) is approximately $42 million.

What are the key focuses of the new project awarded to BWCC?

The key focuses of the project are optimizing the power plant's operation and ensuring safety during construction.

Who is the Executive VP at Babcock & Wilcox that commented on the contract?

Jimmy Morgan, Executive Vice President and COO of Babcock & Wilcox, commented on the contract.

What is the significance of the awarded contract for BW and its shareholders?

The contract reinforces BW's position as a reliable provider of environmental solutions and may positively impact its revenue streams.