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 valued at more than $25 million from SaskPower to design and replace the upper frontwall and a portion of the reheater at SaskPower’s Shand Power Station near Estevan, Saskatchewan.

Shand Power Station features boiler technology originally designed and supplied by B&W Canada. This retrofit project is an integral part of the coal-fired station’s life extension.

“B&W is committed to executing this retrofit project in a safe, timely and efficient manner,” said Babcock & Wilcox Power Generation Group, Inc. President and Chief Operating Officer J. Randall Data. “We’re pleased that SaskPower has chosen us and look forward to providing project support on this important pressure part retrofit at Shand Power Station.”

“Shand provides about 300 megawatts of baseload power to Saskatchewan,” said Robert Watson, SaskPower President and Chief Executive Officer. “As an integral part of our generating fleet it’s critical that we make sure the station is operating at peak performance.”

The project is expected to be completed in June of 2012.

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 .

Cautionary Statement Regarding Forward Looking Statements

B&W cautions that this release contains forward-looking statements, including statements relating to the expected completion of the SaskPower contract. Forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing on contracts in backlog. If one or more of these or other risks materialize, actual results may vary materially from those expressed. 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, 2011. 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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