B&W Awarded $60 Million Boiler Project in Colombia, South America

CHARLOTTE, N.C.--(BUSINESS WIRE)--The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Babcock & Wilcox Power Generation Group, Inc. (B&W PGG) has been awarded a contract worth more than $60 million to design and supply a coal-fired boiler for the Termotasajero Power Plant near Cúcuta, Colombia.

“It again shows our Company’s ability to place safe, efficient and reliable coal-fired boiler technology into the global market.”

B&W will design the 180 megawatt boiler, coal pulverizers, air heater, structural steel and other boiler auxiliary equipment for Termotasajero Unit 2 for South Korean contractor Hyundai Engineering Co., Ltd. The plant is owned by Termotasajero S.A. E.S.P, a subsidiary of Colombian investment company, Colgener S.A.

“We are appreciative of Termotasajero and Hyundai’s selection of B&W for this important project,” B&W PGG President and Chief Operating Officer J. Randall Data said. “It again shows our Company’s ability to place safe, efficient and reliable coal-fired boiler technology into the global market.”

“Projects like Termotasajero demonstrate B&W’s capability to meet the needs of our customers worldwide,” Data said.

B&W announced the start of engineering work for the project in June. B&W’s deliveries are expected to be completed in early 2014, and the plant is scheduled for start-up in late 2015.

About B&W

Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,700 people, in addition to approximately 10,400 joint venture employees. Learn more at www.babcock.com.

Cautionary Statement Regarding Forward Looking Statements

B&W cautions that this release contains forward-looking statements, including statements relating to the scope, timing and value, to the extent value may be viewed as an indicator of future revenues, of the Termotasajero contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing contracts and adverse modifications to contracts in backlog, including termination. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see B&W's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2011 and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.