The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Babcock & Wilcox Canada Ltd. (B&W Canada) has been awarded a contract to supply four modularized boilers for the Kearl Oil Sands Project (Kearl) being developed by Imperial Oil in the Athabasca Oil Sands Region, north of Fort McMurray, Alberta, Canada.

B&W Canada supplied the first four TSSG™ boilers for the initial scope of the project and will supply an additional four TSSG boilers for expanded capacity. The boilers will produce utility steam that will be used to support various processes in the plant.

“The Alberta oil sands are one of North America’s most important energy reserves, and the TSSG boiler technology developed by B&W is ideal to help our customers efficiently and economically tap that resource,” Babcock & Wilcox Power Generation Group, Inc. President and Chief Operating Officer Richard L. Killion said. “We’re pleased that B&W Canada was selected to supply these boilers to Imperial Oil.”

B&W’s TSSG is a bottom-supported boiler and features a unique modularized design that maximizes shop assembly and provides our customers greater certainty with respect to delivery and overall project schedule.

Selected components, such as headers and wall panels, will be fabricated in B&W Canada’s Cambridge facility, while component fabrication and modularization will be completed in B&W Canada’s Melville, Saskatchewan facility.

Completed pressure part modules are expected to be shipped directly to the Kearl site from B&W’s Melville facility in 2013.

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 regarding the Kearl Oil Sands Project. These statements are subject to risks and uncertainties, including delays and other difficulties executing on the project. If these or other risks materialize, the actual results could be materially different than those expressed herein. For a discussion of risks relating to B&W, see our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. B&W cautions not to replace undue reliance on forward-looking statements, which speak only as of the date of this release. B&W disclaims any duty to update forward-looking information, except as required by law.

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