Babcock & Wilcox Continues Growth in Asia and Europe With More Than $24 Million in Global Parts and Service Orders

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) announced the awarding of parts and service contracts exceeding $24 million in key international markets, including Asia, the Middle East, and Europe. These contracts, secured in the first quarter, encompass aftermarket parts and maintenance services across various industries such as utilities and manufacturing. B&W has been actively expanding its presence since Q3 2020, with significant orders from utility customers in Indonesia and the Middle East. The company remains focused on enhancing its Renewable and Environmental businesses by pursuing high-margin opportunities internationally.

Positive

• Awarded contracts totaling over $24 million in key international markets.
• Significant orders from utility customers in Indonesia and the Middle East.
• Expansion of Sales and Business Development presence since Q3 2020.

Negative

• None.

Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Renewable, Environmental and Thermal segments are continuing their strategic growth into key regions and have been awarded parts and service contracts totaling more than $24 million from customers in Asia, the Middle East, Europe and other key international markets outside of the United States.

These contracts, which were awarded during B&W’s first quarter, include aftermarket parts and maintenance services for plants in a variety of industries, such as utilities, pulp & paper and manufacturing. Significant orders have come from utility customers in Indonesia and the Middle East, and industrial customers in Latin America and Europe where B&W has been expanding its Sales and Business Development presence and operations since the third quarter of 2020.

“B&W remains intensely focused on growing our business in key international markets, particularly in the Asia-Pacific region, the Middle East and Europe, where we’ve expanded our Sales teams and established regional headquarters over the last six months,” said B&W Chief Operating Officer Jimmy Morgan. “The pipeline of opportunities in these markets is substantial, and we are selectively bidding on and winning higher-margin work.”

“As a company, we remain focused on growing our B&W Environmental and Renewable businesses with new and existing customers,” Morgan said. “We are aggressively pursuing opportunities internationally to leverage our extensive expertise in waste-to-energy, biomass, carbon capture and environmental technologies, and energy storage.”

B&W is a single-source supplier for quality, dependability and reliability when it comes to replacement parts and services for a wide range of industrial, boiler, auxiliary and environmental equipment applications.

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

Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the receipt of contracts for parts and services in Asia, the Middle East, Europe and other key international markets outside of the United States totaling more than $24 million, as well as the significant pipeline of opportunities in these markets. 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/20210331005412/en/

FAQ

What contracts did Babcock & Wilcox announce recently?

Babcock & Wilcox announced parts and service contracts totaling over $24 million awarded in international markets.

Which regions are Babcock & Wilcox focusing on for growth?

Babcock & Wilcox is concentrating on the Asia-Pacific region, the Middle East, and Europe for strategic growth.

What industries are included in Babcock & Wilcox's recent contracts?

The contracts include industries such as utilities, pulp & paper, and manufacturing.

When were the contracts awarded to Babcock & Wilcox?

The contracts were awarded during Babcock & Wilcox's first quarter.

How has Babcock & Wilcox been expanding its business?

Babcock & Wilcox has expanded its Sales teams and established regional headquarters to enhance its business development efforts.