B&W Joint Venture Awarded Boiler and Environmental Contract in Vietnam
CHARLOTTE, N.C., August 3, 2012
The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that Babcock & Wilcox Beijing Co. Ltd. (BWBC), an unconsolidated Chinese joint venture within B&W's Power Generation segment, has been awarded a contract worth more than $300 million to design and manufacture two coal-fired boilers, boiler auxiliaries and two wet flue gas desulfurization (FGD) units for PetroVietnam's Thai Binh II power plant in Vietnam.
South Korean engineering and construction firm Daelim Industrial Co. Ltd., the project's lead contractor, selected BWBC to engineer and manufacture the two 600 megawatt, subcritical downshot boilers according to a B&W design. B&W's licensee, Zhejiang Tiandi Environmental Protection Engineering Co., Ltd., will supply both wet FGD units.
"We value our strong relationships with PetroVietnam and Daelim and thank both companies for selecting BWBC for this project," said BWBC General Manager Paul Li. "We look forward to delivering reliable equipment using B&W's technology and doing our part to make the Thai Binh project a success."
"This project is another great example of B&W's growth in Asia and of BWBC's ability to deliver B&W's unmatched power generation technology to our Vietnamese customers," said Babcock & Wilcox Power Generation Group, Inc. President and Chief Operating Officer J. Randall Data.
Engineering is currently underway at BWBC's facility in Beijing. Both units are scheduled to be completed and operational in 2016.
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 timing and value, to the extent value may be viewed as an indicator of future revenues, of the Thai Binh II power plant contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing contracts and changes adversely affecting joint venture management and operations. 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. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
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