Babcock & Wilcox Renewable Service Awarded $15 Million Contract for Biomass Boiler Installation Project in Europe

• Green energy project is B&W Renewable Service’s first bubbling fluidized bed boiler installation in Europe
• Newly acquired Denmark-based subsidiary has targeted significant opportunities in the European renewable services market

Babcock & Wilcox (B&W) (NYSE: BW) announced today that its newly acquired B&W Renewable Service A/S subsidiary has been awarded a contract for more than $15 million to design and install a biomass-fired boiler and other combustion equipment for a green energy project in Europe.

The 48-megawatt boiler is the first B&W-designed bubbling fluidized bed (BFB) boiler to be installed in Europe by B&W Renewable Service and will be used to provide district heating to thousands of residents and businesses.

“This green energy project, utilizing clean, renewable fuel, will provide heat for customers while reducing emissions,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “Under B&W Renewable Service CEO Christopher Nysted Sørensen’s leadership, a high level of expertise and service capabilities, combined with B&W’s world-class technologies, gives us an edge in the growing market for biomass boilers and boiler services in Europe.”

In additon to the boiler, B&W will supply the boiler’s external economizer, valves, instrumentation and related equipment. The plant is scheduled to be operational in the second quarter of 2023.

About B&W

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of a contract to design and install a biomass-fired boiler and related equipment for a district heating plant in Europe. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.