Babcock & Wilcox News

(AKRON, Ohio – July 27, 2020) – Babcock & Wilcox Enterprises, Inc. (NYSE: BW) announced today that it continues to expand its role in the petrochemical industry with a contract to install new economizers for two B&W TSSG^TM natural gas-fired boilers at an oil sands project in Alberta, Canada. The project, which was awarded to a subsidiary, is valued at more than $4 million.

The Babcock & Wilcox (B&W) economizers feature an advanced design proven to provide effective performance for optimal thermal efficiency. Site work is currently underway at the job site in Canada’s Athabasca Oil Sands region. As demand for petroleum and activity in the oil sands sector increase, B&W is well-positioned to serve as critical technology providers to this industry.

“Oil sands petroleum extraction presents unique challenges and demands for the industrial boilers and related equipment used in the mining process,” said B&W Senior Vice President Jimmy Morgan. “B&W’s equipment is designed to withstand harsh conditions and our team of service professionals have significant experience working in and installing equipment for oil sands applications.”

“Our proven thermal technologies for petrochemical applications position us well in this expanding market,” Morgan said.

B&W can provide a full range of boiler and auxiliary technologies, turnaround services, field construction, construction management and maintenance services for oil sands and other industries. B&W’s TSSG boiler is adaptable to all liquid and gaseous fuel types including natural gas, produced gas and emulsified liquid fuels and provides high reliability and efficiency, combined with low operating costs.

About B&W
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

Forward-Looking Statements
BWE cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of a Babcock & Wilcox contract to install new economizers for two B&W TSSG^TM natural gas-fired boilers at an oil sands project in Alberta, Canada. 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.