July 16, 2014
The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced that its subsidiary, Babcock & Wilcox Power Generation Group, Inc. (B&W PGG), has been awarded a contract to design and manufacture two coal-fired boilers to be installed in the Punta Catalina Power Plant for Corporación Dominicana de Empresas Eléctricas Estatales (CDEEE) in the Dominican Republic.
The contract, booked in the second quarter of 2014, was awarded by Italian engineering and procurement contractor Tecnimont S.p.A, which is developing the project as part of a consortium which includes Tecnimont, Constructora Norberto Odebrecht S.A. and Ingeniera Estrella S.r.l.
B&W PGG will supply two 360-megawatt (MW) boilers, coal pulverizers, air heaters, fans and structural steel for the plant.
'We appreciate the opportunity to work with Tecnimont and its final customer, Corporación Dominicana de Empresas Eléctricas Estatales, on this important energy infrastructure project,' B&W PGG President and Chief Operating Officer J. Randall Data said. 'Rapidly growing energy demand in the Caribbean, Central and South America and the need for affordable power offers great opportunity for B&W PGG.
'This project also demonstrates B&W's ability to effectively leverage the cost base in our Asian operations for manufacturing and detail engineering while providing continued growth for our products and services outside North America,' Data said.
Project management and front-end engineering for the project are underway in B&W PGG's U.S. operations. The project is scheduled to be completed October 2017.
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 11,000 people, in addition to joint venture employees located at projects throughout the U.S. Learn more at www.babcock.com.
About Tecnimont S.p.A.
Tecnimont S.p.A. is the main subsidiary of the Maire Tecnimont Group, a global industrial player with specific skills in plant engineering, particularly in the hydrocarbons sector (Oil & Gas, Petrochemicals and Fertilizers), as well as in Power Generation and Infrastructures. The Group operates in approximately 30 countries with a workforce of about 4,300 employees. For further information: www.mairetecnimont.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 Tecnimont contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing the Tecnimont contract or 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 its annual report on Form 10-K for the year ended December 31, 2013 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.
For more information:
Babcock and Wilcox Company
13024 Ballantyne Corporate Place, Suite 700
Charlotte, North Carolina
United States, 28277
Contact person: Jenny Apker
Vice President, Treasurer and Investor Relations
Contact person: Ryan Cornell, Public Relations Specialist
The Babcock & Wilcox Company