Babcock & Wilcox News

(BARBERTON, Ohio – December 4, 2018) – Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW) announced today that its subsidiary, The Babcock & Wilcox Company, has been awarded a significant contract to provide five industrial water-tube boilers to Imperial for its Aspen oil sands project in Alberta, Canada. 

B&W will design and supply the five MCFM 200-120 model boilers, which feature the company’s exclusive multi-circulation boiler technology, and modularized auxiliary components to provide steam for Imperial’s steam assisted gravity drainage (SAGD) bitumen extraction operation.

“As oil sands producers ramp up operations in Alberta, B&W is well-positioned to provide steam generation technologies tailored to their specific needs,” said B&W Power segment Senior Vice President Mark Low. “Our modularized industrial boilers can operate on a variety of fuels and will be used to recover energy from turbine exhaust gas. Our connection-ready boiler configuration minimizes site construction cost and schedule and can be adapted to the unique operating conditions found in oil sands projects.”

“We look forward to serving as a trusted business partner and technology provider to Imperial, and thank our customer for the opportunity to provide our boiler technology for this important project,” Low said.

Engineering work for the project is currently underway, and delivery is scheduled for the fourth quarter of 2019 and first quarter of 2020.

B&W’s industrial water-tube boilers are ideally suited for the specialized needs of SAGD and other in-situ processes. The boilers’ multi-circulation technology improves boiler reliability and reduces downtime. B&W also supplies field engineering, replacement parts, material handling systems, sootblowers and environmental solutions for oil sands applications.

About B&W

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 151 years. 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, without limitation, statements relating to our strategic objectives; our business execution model; management’s expectations regarding the industries in which we operate; our guidance and forecasts; our projected operating margin improvements, savings and restructuring costs; covenant compliance; and project execution. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to continue as a going concern; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to satisfy the liquidity and other requirements under U.S. revolving credit facility as recently amended, including our ability to receive concessions from customers on our Renewable energy loss contracts; our ability to maintain compliance with the NYSE’s continued listing criteria; the highly competitive nature of our businesses; general economic and business conditions, including changes in interest rates and currency exchange rates; general developments in the industries in which we are involved; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, joint venture partners or suppliers to perform their obligations on time and as specified; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost-savings initiatives; our ability to successfully address productivity and schedule issues in our Renewable segment, including the ability to complete our Renewable energy projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute renewable contracts; changes in our effective tax rate and tax positions; our ability to maintain operational support for our information systems against service outages and data corruption, as well as protection against cyber-based network security breaches and theft of data; our ability to protect our intellectual property and renew licenses to use intellectual property of third parties; our use of the percentage-of-completion method of accounting; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; changes in, or our failure or inability to comply with, laws and government regulations; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; potential violations of the Foreign Corrupt Practices Act; our ability to successfully compete with current and future competitors; the loss of key personnel and the continued availability of qualified personnel; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the possibilities of war, other armed conflicts or terrorist attacks; and the willingness of customers and suppliers to continue to do business with us on reasonable terms and conditions. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, 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 of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.