B&W Thermal Awarded $13 Million in New Contracts as North American Market Strengthens
February 23 2021 - 6:30AM
Business Wire
Babcock & Wilcox (B&W) (NYSE: BW) announced today that
its B&W Thermal segment has booked new construction service
projects in North America valued at approximately $13 million as
the market strengthens and projects continue to restart following
delays in 2020.
The projects include services for a range of industries
including pulp and paper, mining and petroleum refining and will be
executed by Babcock & Wilcox Construction Co., LLC.
“We are seeing an overall strengthening of the market for energy
and industrial construction projects in North America, and B&W
Thermal is poised to capitalize on these emerging opportunities and
grow our business,” said B&W Chief Operating Officer Jimmy
Morgan. “Many projects were delayed due to the impact of COVID-19
last year, but we’re seeing customers now moving forward with
necessary work that had been previously put on hold. The recent
inclement weather also has forced higher loads within the utility
sector and we anticipate stronger demand for parts and services
going forward.”
“B&W Thermal provides a full range of field construction,
construction management and maintenance services for industrial and
utility customers and we look forward to serving our customers for
these new contracts, which include boiler repairs, equipment
installation and other service work,” Morgan said. “As the North
American manufacturing sector continues to ramp up as the economy
improves, we anticipate significant ongoing demand by customers for
construction and maintenance services, and we’re well-positioned to
meet the needs of the market.”
B&W Thermal operates regional construction offices
strategically located across the U.S. and Canada to quickly and
safely respond to fast turnaround requests and effectively manage
projects. B&W provides construction services to a variety of
industries, including power, oil & gas, oil sands, chemical and
petrochemical, pulp & paper, renewables and waste-to-energy and
general manufacturing.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox is a global
leader in energy and environmental technologies and services for
the power and industrial markets. Follow us on LinkedIn and learn
more at www.babcock.com.
About B&W Thermal
Babcock & Wilcox Thermal designs, manufactures and erects
steam generation equipment, aftermarket parts, construction,
maintenance and field services for plants in the power generation,
oil & gas, and industrial sectors. Babcock & Wilcox Thermal
has an extensive global base of installed equipment for utilities
and general industrial applications including refining,
petrochemical, food processing, metals and more.
Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
the booking of multiple new construction projects in North America,
as well as ongoing demand by customers for construction and
maintenance services. These forward-looking statements are based on
management’s current expectations and involve a number of risks and
uncertainties. For a more complete discussion of these risk
factors, see our filings with the Securities and Exchange
Commission, including our most recent annual report on Form 10-K.
If one or more of these risks or other risks materialize, actual
results may vary materially from those expressed. We caution
readers not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release, and we
undertake no obligation to update or revise any forward-looking
statement, except to the extent required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210223005501/en/
Investor Contact: Megan Wilson Vice President, Corporate
Development & Investor Relations Babcock & Wilcox
704.625.4944 | investors@babcock.com
Media Contact: Ryan Cornell Public Relations Babcock
& Wilcox 330.860.1345 | rscornell@babcock.com
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