The Babcock & Wilcox Company (B&W) (NYSE:BWC) has been included in the 2012 TR50, Technology Review’s annual list of the world’s most innovative technology companies, for its innovative small modular reactor technology and design. Technology Review is an independent media company owned by the Massachusetts Institute of Technology (MIT). According to the MIT-owned company, members of the TR50 list are nominated by Technology Review publication editors, who look for companies that over the last year have demonstrated original and valuable technology, are bringing that technology to market at a significant scale and are clearly influencing their competitors. Spanning energy, computing, the Web, biomedicine, and materials, the companies on the list, according to Technology Review, represent commercial innovations most likely to change lives around the world.

“It’s an honor to earn a place on Technology Review’s TR50 list,” said Brandon C. Bethards, President and Chief Executive Officer of B&W. “B&W has a long history of innovation that has powered industry in the U.S. and overseas. Our B&W mPower™ reactor design is just one example of the many technological breakthroughs that our talented employees have developed, and our vision is to continue developing new products and advancements that help our customers be successful.”

The company is developing the B&W mPower reactor with a scalable and modular design to be capable of adding generating capacity in 180 MWe increments to match customers' load growth projections. It is designed to feature a four-year operating cycle between refueling and produce clean, zero-emission electricity. The B&W mPower nuclear reactor plant is designed to be a cost-competitive solution to power generation needs while lowering global greenhouse gas emissions. Each unit brought online is expected to contribute to the reduction of approximately 57 million metric tons of CO 2 emissions over the life of the reactor.

B&W, along with the other companies included in the 2012 TR50, will be featured in the March/April 2012 edition of Technology Review.

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 12,700 people, in addition to approximately 10,400 joint venture employees. Learn more at www.babcock.com .

About Technology Review, Inc.

Technology Review is an independent media company owned by the Massachusetts Institute of Technology. More than three million people around the globe read our publications, in five languages and on a variety of digital and print platforms. We publish Technology Review magazine, the world’s oldest technology magazine (established 1899); daily news, analysis, opinion, and video on www.technologyreview.com and several mobile apps; Business Impact, which explains how new technologies are transforming companies, disrupting markets, or creating entirely new industries; and live events including the annual Emtech MIT conference. Technology Review also owns the MIT Enterprise Forum, a community and events organization that fosters technology entrepreneurship with 28 chapters worldwide.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements about our expectations regarding the design, specifications and capabilities of B&W mPower. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, adverse changes in the demand for and competitiveness of nuclear power, our inability to continue financing research and development costs for B&W mPower development and regulatory oversight by the Nuclear Regulatory Commission or other U.S. Government agencies. 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 its annual report on Form 10-K for the year ended December 31, 2010 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 hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

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