B&W Awarded $80 Million Contract To Supply Boiler To Philippines Power Plant

March 07, 2016

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) announced today its subsidiary, The Babcock & Wilcox Company (B&W), has been awarded a contract for more than $80 million to design and manufacture a highly efficient, supercritical boiler and other components for the Masinloc Thermal Power Plant expansion project in Zambales Province, Philippines.

B&W will engineer and supply the coal-fired boiler to its customer, POSCO Engineering and Construction Co. Ltd., the South Korea-based lead contractor for the power plant owner, Masinloc Power Partners Co. Ltd.

B&W’s scope includes the supply of one 300 megawatt Spiral Wound Universal Pressure (SWUPTM) supercritical boiler and auxiliary equipment.

“Reliable baseload power is a critical component to the success of a growing economy such as the Philippines,” said B&W Global Power Division Sr. Vice President Paul Scavuzzo. “We recognize the importance of this project and are proud to have been chosen to supply a boiler that will provide clean, efficient and affordable energy to the residents of Zambales Province.”

B&W intends to perform engineering, procurement and fabrication activities at its joint venture facility, Thermax Babcock & Wilcox Energy Solutions Private Limited, in Pune, India.

Project completion is scheduled for Spring 2019.

About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. B&W companies employ approximately 6,000 people around the world. Follow us on Twitter @BabcockWilcox and 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 Masinloc contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing the Masinloc contract and adverse modifications to the contract, 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 our annual report on Form 10-K and subsequent 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 this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

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