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B&W Applauds Formation of Virginia Nuclear Energy Consortium

28 February 2013

The Babcock & Wilcox Company (B&W) (NYSE: BWC) today announced its enthusiastic support for the Commonwealth of Virginia's creation of the Virginia Nuclear Energy Consortium Authority and its stated mission of making the Commonwealth a national and global leader in nuclear energy.

"B&W applauds Governor Bob McDonnell and the Virginia General Assembly for their initiative and vision in creating the Virginia Nuclear Energy Consortium," said E. James Ferland, President and Chief Executive Officer of B&W. "Our roots run deep in Virginia, where we've had nuclear research, engineering and manufacturing operations for more than five decades. B&W stands ready to support the Consortium as we seek to expand our nuclear technology footprint in the state."

In a statement on the legislation, Governor McDonnell explained, "The Virginia Nuclear Energy Consortium is an important tool that will bring together the public and private sectors to advance Virginia's position as the energy capital of the East Coast. By strengthening the working relationship between Virginia's esteemed institutions of higher education and our many nuclear industry leaders, Virginia will lead in research and development of the next generation of nuclear power generation. I want to thank Senator Jeff McWaters (R-Virginia Beach) and Delegate Scott Garrett (R-Lynchburg) for sponsoring this legislation, which will encourage new investment and job creation in Virginia. I also want to thank the leaders in the nuclear industry, including The Babcock & Wilcox Company, for their support of this important initiative which will create more good-paying job opportunities in the Commonwealth."

House of Delegates patron Delegate T. Scott Garrett, M.D. said in regard to offering the legislation, "I am honored and grateful to patron this landmark legislation to create the Virginia Nuclear Energy Consortium Authority, an opportunity for industry leaders, such as Babcock and Wilcox, to affirm Virginia's dominance in the nuclear energy field. The Consortium is meant to be a place where all of VA's nuclear industry players can gather around a single table to identify opportunities and develop strategies for supporting and expanding the nuclear industry in VA, across the country, and around the globe. I look forward to the cutting edge results of Virginia's nuclear industry, higher education, and non-profit communities coming together to advance this critical energy source,"

Virginia Senator Jeffrey McWaters who carried the Senate version of the legislation said, "I was pleased to carry the legislation in the Virginia Senate that formally organized the Nuclear Energy Consortium Authority. Virginia is well suited to be the thought leader in the nuclear industry- worldwide. This Consortium will encourage industry leaders and researchers to join together to develop newer and better technology and expand the nuclear energy business sector in Virginia. It is my hope that the Consortium will produce new business partnerships between the industry and higher education institutions and from there, more high-paying jobs will be created in the industry that will stay here in Virginia."

B&W employs more than 2,600 people in Virginia. The Company's subsidiary, Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG), headquartered in Lynchburg, Va., manufactures naval nuclear reactors for submarines and aircraft carriers.

Also in Lynchburg, Babcock & Wilcox Nuclear Energy, Inc, provides components and services to commercial nuclear utility customers.

Under its Babcock & Wilcox mPower, Inc. (B&W mPower) organization, B&W has substantial operations in Lynchburg as well as at the B&W mPower Integrated System Test (IST) Facility in Forest, Va. In the Central Virginia area, B&W employees are playing a major role in the engineering and design of the B&W mPowerTM small modular reactor (SMR) - a scalable, modular, passively safe, advanced light water reactor system. The reactor features a four-year operating cycle without the need for refueling, and is designed to produce clean, zero-emission operations. The mPower reactor was recently selected as the winner of the DOE competitively bid Small Modular Reactor Licensing Technical Support Program. B&W will receive funding that will support accelerated development of its B&W mPower SMR technology.

"Virginia and the investments we've made in both people and facilities here will be critical to the development of the B&W mPower reactor," said Ferland. "We plan to continue that investment by working with the Consortium to create jobs and develop new technologies."

B&W looks forward to being a part of the Virginia Nuclear Energy Consortium, together with Virginia's academic institutions, other government agencies and companies to promote the state's role as a leader in the development of advanced, safe and reliable nuclear energy technologies.

About B&W

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 performance, timing and value, to the extent contract value can be viewed as an indicator of future revenues, of the U.S. Naval Reactors Program contracts. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contracts. If 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 B&W's annual report on Form 10-K for the year ended December 31, 2011 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.


B&W Media Contact:
Ryan Cornell
Public Relations Specialist

B&W Investor Contact:
Jenny Apker 
Vice President, Treasurer and Investor Relations
The Babcock & Wilcox Company

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