B&W Receives Full Notice to Proceed on Waste-to-Energy Plant Project in West Palm Beach, Fla.; $676 Million Included in First Quarter Backlog

The Babcock & Wilcox Company (B&W) BWC announced today that its subsidiary Babcock & Wilcox Power Generation Group, Inc. (B&W PGG) has received full notice to proceed (FNTP) for the engineering, design, procurement and construction of a waste-to-energy power plant and environmental control equipment for the Solid Waste Authority (SWA) of Palm Beach County in West Palm Beach, Fla. B&W and its consortium partner, KBR, were awarded a $668 million contract for the design and construction of the 95 megawatt Renewable Energy Facility No. 2 in April 2011. Since that time, B&W had been performing engineering and design work under a limited notice to proceed. With the receipt of this FNTP, B&W recorded in the first quarter of 2012 an additional $178 million in backlog, representing the remaining portion of B&W's design and build scope, as well as approximately $498 million for a 20-year operations and maintenance contract.