The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Babcock & Wilcox Power Generation Group, Inc. (B&W PGG) has signed a memorandum of understanding with Toshiba Corporation (Toshiba) to cooperatively explore strategic, manufacturing, research and other opportunities in advanced supercritical power generation and solar energy technologies around the world. The memorandum outlines a framework under which B&W PGG and Toshiba can pursue technical collaboration on next generation thermal and solar technologies and explore cooperation on project opportunities in Asia, India and other emerging markets. For example, Toshiba is currently building a steam turbine and generator factory in India, and B&W PGG, through a joint venture, recently began construction on a boiler manufacturing plant near Pune, India. The companies intend to examine joint developments to leverage these unique capabilities and resources to supply the needs of customers in India and elsewhere. “B&W and Toshiba have previously worked together on nuclear and fossil power initiatives. This arrangement is a natural progression in our relationship,” B&W PGG President and Chief Operating Officer Richard L. Killion said. “We are looking to develop a comprehensive strategy for the practical development of energy initiatives that contribute to the mutual goals of B&W and Toshiba.” B&W PGG and Toshiba plan to establish specific working groups to examine the details of collaborative opportunities in the power generation industry that could expand into formal information exchanges and definitive agreements as specific projects are considered and agreed upon. 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 12,000 people, in addition to approximately 10,000 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, including statements of current intentions and plans concerning the memorandum of understanding and the potential expansion of B&W PGG’s and Toshiba’s relationship thereunder. These forward-looking statements involve a number of risks and uncertainties, including, among other things, changes in business plans and strategies of either company or adverse changes in the needs and capital spending of power generation companies. If one or more of these or other risks materialize, actual results may vary materially from those expected. 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 report on Form 10-K for the year ended December 31, 2010, as supplemented by its 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.