Babcock & Wilcox Continues Middle East Expansion

August 31, 2020

AKRON, Ohio--()--Babcock & Wilcox (B&W) (NYSE: BW) continued its expansion into the Middle East and Africa with the formation of Babcock & Wilcox Middle East Holdings, Ltd. and the opening of a headquarters in Dubai, United Arab Emirates for this business. Concurrent with this announcement, Wassim Moussaoui has been named Managing Director, B&W Middle East Holdings.

B&W has continued its expansion into the Middle East and Africa with the formation of Babcock & Wilcox Middle East Holdings, Ltd. and the opening of a headquarters for this business in Dubai, UAE. Wassim Moussaoui has been named Managing Director.

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The new headquarters for B&W Middle East Holdings, Ltd. is located in the Dubai International Financial Center (DIFC) and will serve as B&W’s hub for sales, business development and operations in the Middle East and Africa region and will support the company’s growth in Saudi Arabia, Kuwait, Egypt, Oman and Qatar. The office will serve customers for the company’s new strategic, market-facing segments – B&W Environmental, B&W Renewable and B&W Thermal.

“B&W Middle East Holdings, under the direction of Wassim Moussaoui, strengthens our presence in the expanding environmental, renewable and thermal markets in the Middle East and Africa. We see approximately $4 billion in addressable market potential in the countries and lines of businesses where we are focusing our efforts, and we’re pleased that Wassim will lead our growth efforts in this key geographic region,” said B&W Chief Executive Officer Kenneth Young. “Wassim brings more than 15 years of international business development experience to this role. His depth of knowledge and expertise make him an ideal fit for this position.”

Moussaoui joined B&W in 2017, most recently serving as Senior Director, Sales & Business Development, Europe, Middle East & Africa. Prior to joining B&W, he worked for Babcock Borsig Steinmüller GmbH for 11 years, most recently serving as the company’s Head of Sales & Proposals. Moussaoui holds a master’s degree in Mechanical Engineering from the Munich University of Applied Sciences.

B&W is actively expanding its sales and business development team throughout the world. Targeted expansion regions include the Middle East, Africa and Asia-Pacific as they offer significant opportunities for the company’s advanced technologies, including waste-to-energy, biomass, advanced thermal and environmental solutions.

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.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the formation of B&W Middle East Holdings, Ltd. as part of B&W’s continued expansion into the Middle East and Africa. 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.

Contacts

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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