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News Releases

B&W Joint Venture Awarded $290 Million Engineering, Procurement and Construction Contract For Iowa Power Plant

04 October 2012

The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that a joint venture of Babcock & Wilcox Construction Co., Inc. (BWCC) - a subsidiary within its power generation segment - was awarded a contract worth more than $290 million to engineer, procure and construct (EPC) environmental control systems for Interstate Power and Light Company's (IPL) Ottumwa Generating Station power plant in Ottumwa, Iowa.

B&W's portion of the contract includes $43 million for the design and supply of environmental equipment, which B&W announced previously.

BWCC and its joint venture partner, architectural, engineering and construction firm Burns & McDonnell Engineering Company, Inc., will perform site construction, including the erection of two B&W spray dry absorber (SDA) systems for sulfur dioxide (SO2) control and two pulse jet fabric filter baghouses to control particulate emissions at the 726 megawatt, coal-fired Ottumwa plant. The team also will provide engineering services for the balance of plant and supply flues, fans, foundations and electrical work.

"B&W thanks IPL and its parent company, Alliant Energy Corp., for selecting us for this project and other recent work we've been awarded at their generating stations," said J. Randall Data, Babcock & Wilcox Power Generation Group, Inc. President and Chief Operating Officer. "Burns & McDonnell and B&W have an excellent working relationship and both of our organizations have a very successful track record of executing large power projects like this.

"We look forward to working together to provide an outstanding EPC solution to our customer," Data said.

Work is underway at the construction site. Start up and commissioning of environmental equipment is scheduled to be substantially complete by January 2015.

About B&W

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 12,000 people, in addition to approximately 10,000 joint venture employees. Learn more at www.babcock.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 EPC environmental control systems contract for IPL. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing on the contract. If one or more of these or other risks materialize, actual results may vary materially from those expected. 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, 2011 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 hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.