Babcock & Wilcox Construction Co. LLC Awarded $42 Million in Large North American Upgrade Projects

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) announced a new contract worth over $42 million for upgrade and maintenance projects across North America in the electrical utility, pulp & paper, and oil & gas sectors. The company's Babcock & Wilcox Construction Co., LLC (BWCC) is experiencing strong demand for its Thermal aftermarket services. BWCC has a substantial backlog for construction projects heading into 2023, indicating consistent growth in service offerings, including boiler installations and repairs.

Positive

• Awarded over $42 million in upgrade and maintenance contracts.
• Strong demand for Thermal aftermarket services.
• Substantial backlog in construction, indicating future revenue stability.

Negative

• None.

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that its Babcock & Wilcox Construction Co., LLC (BWCC) subsidiary was awarded more than $42 million in significant upgrade and maintenance projects within the electrical utility, pulp & paper, and oil & gas segments in North America.

“We’ve seen continued strong demand for our Thermal aftermarket offerings and remain committed to supporting our customers through our portfolio of best-in-class products and services,” said Chris Riker, Senior Vice President, Thermal. “The demand for outage services, plant maintenance and parts supply is high, particularly for the North American utility and heavy industrial fleet.”

BWCC Vice President & General Manager Mike Hidas said, “We have a substantial backlog in our construction business for the months ahead and this new set of bookings further strengthens that as we head into 2023.“

“We’re pleased to provide our significant experience and expertise to meet our customers’ needs and look forward to executing these projects safely and profitably, while achieving our Target Zero safety goal of zero injuries or incidents,” Hidas said.

BWCC’s projects and services include package boiler installations, industrial boiler component replacements, repairs, maintenance and new services. BWCC also provides upgrades and enhancement services to utility customers in North America. BWCC is a single-source supplier of a full range of field construction, construction management and maintenance services with extensive experience — from large, complex projects to small unanticipated quick turnaround repair needs for any facility.

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 contracts for upgrade and maintenance projects customers in North America. 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/20221114005242/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.