CORRECTING and REPLACING B&W Announces Completion of Rights Offering

Second paragraph of release should read: Subscribers in the rights offering, including Vintage Capital Management, LLC (“Vintage”), subscribed for approximately 100.9 million common shares, or 81.2% of the approximately 124.3 million common shares available, pursuant to their basic subscription privileges. Pursuant to the rights offering and the transactions contemplated by the standby purchase agreement between B&W and Vintage, Vintage also purchased the remaining 23.4 million common shares available in the rights offering pursuant to its backstop commitment. (instead of Subscribers in the rights offering, including Vintage Capital Management, LLC (“Vintage”), subscribed for approximately 100.9 common shares, or 81.2% of the approximately 124.3 million common shares available, pursuant to their basic subscription privileges. Pursuant to the rights offering and the transactions contemplated by the standby purchase agreement between B&W and Vintage, Vintage also purchased the remaining 23.4 common shares available in the rights offering pursuant to its backstop commitment.)

The corrected release reads:

B&W Announces Completion of Rights Offering

Babcock & Wilcox Enterprises, Inc. (“B&W”) (NYSE: BW) announced today the completion of its previously announced rights offering, which expired in accordance with its terms at 5:00 p.m., New York City time, on April 30, 2018. Pursuant to the rights offering, B&W distributed one nontransferable subscription right to purchase 2.8 common shares at a subscription price of $2.00 per share for each common share held as of 5:00 p.m., New York City time, on March 15, 2018.

Subscribers in the rights offering, including Vintage Capital Management, LLC (“Vintage”), subscribed for approximately 100.9 million common shares, or 81.2% of the approximately 124.3 million common shares available, pursuant to their basic subscription privileges. Pursuant to the rights offering and the transactions contemplated by the standby purchase agreement between B&W and Vintage, Vintage also purchased the remaining 23.4 million common shares available in the rights offering pursuant to its backstop commitment.

The rights offering generated aggregate gross proceeds of approximately $248.5 million. B&W expects to use a substantial portion of the net proceeds from the rights offering to repay in full all of the indebtedness outstanding and its other obligations under its second lien term loan. B&W intends to use the remaining proceeds for working capital purposes.

B&W expects the subscription agent to distribute the common shares purchased in the rights offering on or about Thursday, May 3, 2018.

About B&W

Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets, and has been transforming our world for 150 years. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

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Babcock & WilcoxInvestor Contact:Chase Jacobson, 704-625-4944Vice President, Investor [e-mail] Contact:Ryan Cornell, 330-860-1345Public [e-mail]