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B&W SPIG Awarded Contracts Totaling $60 Million in First Quarter of 2017
Posted April 27, 2017
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW), announced today that its subsidiary, Babcock & Wilcox SPIG, Inc. (B&W SPIG), was awarded three major contracts totaling more than $60 million in the first quarter of 2017 to design and supply dry cooling systems for U.S. customers.
Under the contracts, B&W SPIG will supply five low-noise air-cooled condensers and one air-cooled heat exchanger, also known as an air fin cooler, to customers in the United States.
Both of these types of B&W SPIG dry cooling systems features highly efficient, state-of-the-art designs that are custom engineered for high performance and reduced site construction costs. Dry cooling systems are typically used in process industries such as oil and gas, petrochemical and chemical processing, and in electric power plants and waste-to-energy plants.
“We are extremely pleased that our customers have chosen B&W SPIG for their plant cooling needs,” said Francesco Racheli, senior vice president, B&W SPIG. “B&W SPIG’s cooling technologies are custom designed and well-suited to utility and industrial applications, and we see numerous new or retrofit opportunities in various sectors for these technologies across the globe.”
Work is underway on all three projects, with equipment deliveries scheduled for dates in 2017 and 2018.
B&W acquired SPIG S.p.A., a global provider of custom-engineered cooling systems and services, in July 2016. The acquisition further expanded the range of technologies and services B&W provides its industrial and power generation customers, while also providing B&W SPIG with additional opportunities to grow its global footprint, including in the United States.
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, and has been transforming our world for 150 years. B&W companies employ approximately 5,000 people worldwide. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including statements relating to the scope and timing of B&W SPIG’s contracts to design and supply dry cooling systems as described above. These forward-looking statements involve a number of risks and uncertainties, including, among other things, disputes with customers or suppliers, availability of engineering resources, delays or other difficulties executing such contracts, and adverse modifications to the contracts, 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 most recent annual report on Form 10-K 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 this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.