BWXT Announces $795 Million in Contract Options and Awards for Naval Nuclear Reactor Components
(LYNCHBURG, Virginia – February 13, 2017) – BWX Technologies, Inc. (NYSE:BWXT) announced today that the U.S. Naval Nuclear Propulsion Program has exercised contract options with BWXT’s subsidiary, BWXT Nuclear Operations Group, Inc., totaling approximately $784 million for the manufacture of naval nuclear reactor components. New contracts valued at approximately $11 million were also awarded.
Activity under these contracts is already underway. A variety of manufacturing and material procurement activities will be performed under these contracts that will primarily support Ford-class carrier construction and Virginia-class submarine construction.
BWXT’s facilities in Lynchburg, Va.; Barberton and Euclid, Ohio; and Mount Vernon, Ind. will perform this work over the next several years.
“We appreciate the U.S. Navy’s continued trust in BWXT to provide the propulsion systems for a crucial element of the nation’s security,” said Rex D. Geveden, BWXT’s President and Chief Executive Officer. “We take immense pride in helping to ensure that the country’s submarines and aircraft carriers are powered for deployment all around the globe.”
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing and value, to the extent contract value can be viewed as an indicator of future revenues, of the naval nuclear reactor component contracts. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contracts and adverse changes in U.S. Government appropriations. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see our annual report on Form 10-K for the year ended December 31, 2015 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. We caution not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,000 employees, BWXT has nine major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and two National Aeronautics and Space Administration (NASA) facilities. Follow us on Twitter @BWXTech and learn more atwww.bwxt.com.