The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Babcock & Wilcox Power Generation Group, Inc. (B&W PGG) has been awarded an engineering contract by South Korean engineering, procurement and construction (EPC) contractor Hyundai Engineering Co., Ltd. to begin design work on a coal-fired boiler for the Termotasajero Power Plant near Cúcuta, Colombia.

B&W will engineer the 180 megawatt boiler, coal pulverizers, air heater, fans and structural steel for Termotasajero Unit 2.

“B&W is working closely with Hyundai and the plant owner, Termotasajero S.A. E.S.P, to make this project a success,” B&W PGG President and Chief Operating Officer J. Randall Data said. “We appreciate being chosen to help meet Termotasajero’s power generation needs.

“B&W is actively expanding its global footprint, and we see promise for additional boiler and environmental projects in the rapidly growing markets of Central and South America,” Data said.

Engineering work for Termotasajero is underway, and the Company anticipates a full notice to proceed on the project in the fourth quarter 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 performance of the engineering contract, the Company’s anticipated timing of the full notice to proceed on the project and the Company’s optimism regarding additional boiler and environmental projects in Central and South America. These forward-looking statements involve a number of risks and uncertainties, including, among other things, adverse changes in the industries in which we or our customers operate. If 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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