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Friday, January 27, 2023

Babcock (NYSE: BW) Secures Parts and Service Contract Worth $24M

Babcock & Wilcox Enterprises, Inc. (NYSE: BW) has secured part and service contracts that are worth more than $24 million from customers in the Middle East, Asia, Europe, and other key international markets outside of the US. After securing the deal, B&W Renewable, Environmental and Thermal segments will proceed with their growth plan in the top market.

B&W has been recognized as the single-source supplier for superiority, trustworthiness, and steadfastness when there is a need to swap parts and services for a broad range of industrial, reservoir, auxiliary and eco-friendly equipment applications. The deals have been granted to the firm in the Q1 of B&W. It is comprising of aftermarket parts and maintenance services for plants in a variety of industries, such as pulp & paper, manufacturing, and utilities.

B&W Customer Base

The firm has disclosed that it has got substantial orders from utility clients in Indonesia. Furthermore, it has also got orders from the Middle East, from industrial clients in Latin America, and from Europe where B&W has been growing its Sales and Business Development presence and operations since the third quarter of 2020.

The news of the contract sends the stock soaring 2.62% at $9.39 of the firm during the pre-market trading session of Wednesday. The firm has disclosed that B&W is endeavoring to focus on the main global markets, mainly in the Asia-Pacific region, the Middle East, and Europe, where the firm has grown its Sales teams and build regional headquarters over the last six months.

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