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News Releases

Project Joint Venture of B&W Subsidiary Awarded $110 Million Contract to Replace Equipment at Iowa Power Plant

31 July 2013

The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that a joint venture between a unit of its subsidiary Babcock & Wilcox Power Generation Group, Inc. (B&W PGG) and architectural, engineering and construction firm Burns & McDonnell Engineering Company, Inc. has been awarded a $110 million contract to replace auxiliary equipment at Interstate Power and Light Company's (IPL) Ottumwa Generating Station power plant in Ottumwa, Iowa.

The scope of the project includes turbine rotor replacement, boiler pressure parts replacement, and balance of plant equipment, as well as construction services. The boiler's pressure parts will be designed and supplied by B&W PGG.

"We've been working closely with Burns & McDonnell to deliver outstanding service to our customer on this important EPC project," said B&W PGG President and Chief Operating Officer J. Randall Data. "We appreciate the confidence IPL has shown in again selecting our team for work at the Ottumwa plant."

B&W announced in 2012 that the joint venture was awarded a contract to engineer, procure and construct (EPC) the plant's environmental control systems. The auxiliary equipment replacement will be performed concurrently with the plant's previously planned environmental upgrades. Material delivery for this portion of the project is scheduled for July 2014.

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 14,000 people, in addition to approximately 10,400 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 relating to the scope, timing and value, to the extent value may be viewed as an indicator of future revenues, of the IPL contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing the IPL contract and adverse modifications to the IPL 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 reports on Form 10-K and 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.

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Media Contact:
Ryan Cornell
Media Relations
330.860.1345 
rscornell@babcock.com

Investor Contact:
Jenny L. Apker 
Vice President, Treasurer and Investor Relations
704.625.4937 
investors@babcock.com