B&W Awarded Significant Contract To Provide Boilers for Canadian Oil Sands Project
December 04 2018 - 7:30AM
Business Wire
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW)
announced today that its subsidiary, The Babcock & Wilcox
Company, has been awarded a significant contract to provide five
industrial water-tube boilers to Imperial for its Aspen oil sands
project in Alberta, Canada.
B&W will design and supply the five MCFM 200-120 model
boilers, which feature the company’s exclusive multi-circulation
boiler technology, and modularized auxiliary components to provide
steam for Imperial’s steam assisted gravity drainage (SAGD) bitumen
extraction operation.
“As oil sands producers ramp up operations in Alberta, B&W
is well-positioned to provide steam generation technologies
tailored to their specific needs,” said B&W Power segment
Senior Vice President Mark Low. “Our modularized industrial boilers
can operate on a variety of fuels and will be used to recover
energy from turbine exhaust gas. Our connection-ready boiler
configuration minimizes site construction cost and schedule and can
be adapted to the unique operating conditions found in oil sands
projects.”
“We look forward to serving as a trusted business partner and
technology provider to Imperial, and thank our customer for the
opportunity to provide our boiler technology for this important
project,” Low said.
Engineering work for the project is currently underway, and
delivery is scheduled for the fourth quarter of 2019 and first
quarter of 2020.
B&W’s industrial water-tube boilers are ideally suited for
the specialized needs of SAGD and other in-situ processes. The
boilers’ multi-circulation technology improves boiler reliability
and reduces downtime. B&W also supplies field engineering,
replacement parts, material handling systems, sootblowers and
environmental solutions for oil sands applications.
About B&W
Babcock & Wilcox is a global leader in energy and
environmental technologies and services for the power and
industrial markets, and has been transforming our world for 151
years. Follow us on Twitter @BabcockWilcox and learn more at
www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
our strategic objectives; our business execution model;
management’s expectations regarding the industries in which we
operate; our guidance and forecasts; our projected operating margin
improvements, savings and restructuring costs; covenant compliance;
and project execution. These forward-looking statements are based
on management’s current expectations and involve a number of risks
and uncertainties, including, among other things, our ability to
continue as a going concern; our ability to obtain and maintain
sufficient financing to provide liquidity to meet our business
objectives, surety bonds, letters of credit and similar financing;
our ability to satisfy the liquidity and other requirements under
U.S. revolving credit facility as recently amended, including our
ability to receive concessions from customers on our Renewable
energy loss contracts; our ability to maintain compliance with the
NYSE’s continued listing criteria; the highly competitive nature of
our businesses; general economic and business conditions, including
changes in interest rates and currency exchange rates; general
developments in the industries in which we are involved;
cancellations of and adjustments to backlog and the resulting
impact from using backlog as an indicator of future earnings; our
ability to perform contracts on time and on budget, in accordance
with the schedules and terms established by the applicable
contracts with customers; failure by third-party subcontractors,
joint venture partners or suppliers to perform their obligations on
time and as specified; our ability to realize anticipated savings
and operational benefits from our restructuring plans, and other
cost-savings initiatives; our ability to successfully address
productivity and schedule issues in our Renewable segment,
including the ability to complete our Renewable energy projects
within the expected time frame and the estimated costs; our ability
to successfully partner with third parties to win and execute
renewable contracts; changes in our effective tax rate and tax
positions; our ability to maintain operational support for our
information systems against service outages and data corruption, as
well as protection against cyber-based network security breaches
and theft of data; our ability to protect our intellectual property
and renew licenses to use intellectual property of third parties;
our use of the percentage-of-completion method of accounting; our
ability to successfully manage research and development projects
and costs, including our efforts to successfully develop and
commercialize new technologies and products; the operating risks
normally incident to our lines of business, including professional
liability, product liability, warranty and other claims against us;
changes in, or our failure or inability to comply with, laws and
government regulations; actual or anticipated changes in
governmental regulation, including trade and tariff policies;
difficulties we may encounter in obtaining regulatory or other
necessary permits or approvals; changes in, and liabilities
relating to, existing or future environmental regulatory matters;
changes in actuarial assumptions and market fluctuations that
affect our net pension liabilities and income; potential violations
of the Foreign Corrupt Practices Act; our ability to successfully
compete with current and future competitors; the loss of key
personnel and the continued availability of qualified personnel;
our ability to negotiate and maintain good relationships with labor
unions; changes in pension and medical expenses associated with our
retirement benefit programs; social, political, competitive and
economic situations in foreign countries where we do business or
seek new business; the possibilities of war, other armed conflicts
or terrorist attacks; and the willingness of customers and
suppliers to continue to do business with us on reasonable terms
and conditions. If one or more of these risks or other risks
materialize, actual results may vary materially from those
expressed. For a more complete discussion of these and other risk
factors, see B&W’s filings with the Securities and Exchange
Commission, including our most recent annual report on Form 10-K
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 of this release, and undertakes 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/20181204005299/en/
Investors:Megan WilsonVice President, Corporate
Development and Investor RelationsBabcock & Wilcox704.625.4944
| investors@babcock.comMedia:Ryan CornellPublic
RelationsBabcock & Wilcox330.860.1345 |
rscornell@babcock.com
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