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News Releases

B&W, Thermax to Form Indian Joint Venture

10 March 2010

AGREEMENT EXPANDS B&W'S PRESENCE IN INDIA'S GROWING ENERGY MARKET

Babcock & Wilcox Power Generation Group, Inc. (B&W PGG) and Indian energy-environment solutions provider Thermax Ltd. have formed a joint venture to build highly efficient subcritical and supercritical boilers and pulverizers for the Indian utility boiler market. B&W PGG is an operating unit of The Babcock & Wilcox Company (B&W).

The new company will have its headquarters at Pune in the Maharashtra State of India. Under the terms of the agreement, B&W PGG will also license its technology to the joint venture company for subcritical boilers 300 megawatts (MW) and larger, supercritical boilers and coal pulverizers. The joint venture will have the full capability to engineer, manufacture and manage large power projects for the Indian power sector. As part of the agreement, the partners will also construct a new pressure parts fabrication facility in India.

"B&W PGG and Thermax have successfully worked together on other joint ventures and licensing agreements for more than two decades," B&W PGG President and Chief Operating Officer Richard L. Killion said. "This agreement augments our presence and profile in the global marketplace and presents a substantial opportunity to continue the growth of our business in India and around the world."

The joint venture is being established at a critical time when India's ambitious growth plans, coupled with the country's dependence on coal-fired power plants, present a tremendous opportunity to participate in a robust power market. The initiative combines B&W PGG's long history of proven state-of-the-art power generation technology and world class project management capabilities with Thermax's expertise of integrating energy and environmental solutions in the Indian market. B&W PGG will own a 49 percent share of the joint venture while Thermax will have 51 percent ownership.

"Our joint venture with Thermax is an important element of B&W's deeper engagement with India as part of our clean energy initiative," said B&W President and Chief Executive Officer Brandon C. Bethards.

"Together, with ongoing discussions regarding joint deployment of the modular B&W mPower™ reactor, this partnership in India will bring further innovation to the region's growing energy markets."

About The Babcock & Wilcox Company

The Babcock & Wilcox Company (B&W), a subsidiary of McDermott International, Inc., is a leader in advanced energy technology innovation and service, primarily in nuclear and fossil power. Providing quality products and technical services to commercial and government customers, B&W is focused on issues such as energy efficiency, clean air, global market competitiveness, and safe and secure resolution for nuclear waste. B&W has locations worldwide and employs more than 20,000 people. The company is located on the Internet at www.babcock.com.

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B&W Contact:
Ryan Cornell
The Babcock & Wilcox Company
330.860.1345
rscornell@babcock.com