B&W SPIG Awarded $18 Million Cooling Technologies Upgrade Contract

February 24, 2020

AKRON, Ohio--(BUSINESS WIRE)-- SPIG S.p.A. (SPIG), a subsidiary of Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW), has been awarded a contract to provide cooling technologies and associated services for an industrial facility. The total contract value is more than $18 million over approximately 10 years.

“SPIG’s advanced cooling technologies are well-suited for the rigorous conditions of the oil, gas and petrochemical industries,” said SPIG Managing Director Alberto Galantini. “Our engineering expertise and advanced technical services make us industry leaders in this sector. Under this agreement, we will provide the technology and services to improve the plant’s cooling capacity.”

SPIG fiberglass-reinforced plastic (FRP) cooling towers provide high strength, weather resistance, long-term performance, light weight, and dimensional stability, with noise and vibration absorption. SPIG FRP cooling towers also provide flexible solutions and reduced assembly times.

About B&W

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 Twitter @BabcockWilcox and learn more at www.babcock.com.

About SPIG

SPIG , S.p.A is a subsidiary of Babcock & Wilcox Enterprises, Inc. and a global turnkey cooling systems supplier. Since 1936, SPIG has provided customers with an extensive range of high quality cooling towers, air-cooled condensers and related services.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of a multi-year contract for cooling technologies and associated 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.

Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | investors@babcock.com

Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.

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