The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that its subsidiary Babcock & Wilcox Construction Co., Inc. (BWCC) has been awarded a contract worth more than $75 million to provide construction services for the installation of environmental equipment at Northern Indiana Public Service Company's (NIPSCO) R.M. Schahfer Generating Station in Wheatfield, Ind.

BWCC will erect and install two B&W-designed wet flue gas desulfurization (FGD) absorber vessels, and associated reagent slurry preparation and dewatering equipment for the plant's 465 megawatt (MW) Unit 14 and 515 MW Unit 15 coal-fired utility boilers. BWCC also will procure and erect the absorber and dewatering island structural steel for the wet FGD systems.

B&W previously announced it would design and supply the wet FGD units and related components for the project.

"B&W's environmental project capabilities - from equipment design and manufacturing, to project management and construction services - position us to provide our utility customers with solutions to meet all of their emissions control upgrade needs," said BWCC President Pete Waanders. "We appreciate NIPSCO selecting B&W to execute this significant project."

Start-up of Schahfer Unit 14 is scheduled for fall 2013 and Unit 15 for fall 2015.

About The Babcock & Wilcox Company

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 timing and scope of the environmental equipment contract for NIPSCO. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing on the contract and adverse changes in emission control regulations. If one or more of these or other risks materialize, actual results may vary materially from those expected. 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, 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.