Babcock & Wilcox strained by the pandemic
US energy and environmental services company Babcock & Wilcox said August 12 that revenue streams from its renewable segment were negatively impacted by the pandemic.
The company reported consolidated revenues during the second quarter at $202.9mn, a 49.8% increase over the same period last year.
Its renewables segment accounted for about 20% of total revenue, at $38.3mn. That was some 12% lower than during Q2 2020, a decline the company attributed to the impact of the COVID-19 pandemic.
“The company's business has been, and continues to be, adversely impacted by the measures taken and restrictions imposed in the countries in which it operates and by local governments and others to control the spread of this virus,” it explained.
Nevertheless, the company announced in June that it received a limited notice to proceed on a waste-to-energy project in the European market. Its renewable division said it was working on technology that includes boilers and other combustion equipment to turn municipal waste into electricity. Apart from sourcing energy from waste, the company said the technology abates methane emissions that would otherwise come out of landfills.
The negative impact from the pandemic, meanwhile, did little to impact confidence. CEO Kenneth Young said part of the company’s momentum was from its clean energy initiatives.
“We anticipate booking three to five renewable new-build opportunities in 2021, as we are seeing increasing demand for our technologies,” he said.