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BWXT Subsidiary Awarded $241.5 Million Contract for Highly Enriched Uranium Downblending Services

21 April 2016

(LYNCHBURG, Virginia – April 21, 2016) – BWX Technologies, Inc. (NYSE:BWXT) announced today that its Nuclear Fuel Services, Inc. (NFS) subsidiary was awarded a contract valued at $241.5 million for the downblending of 10.4 metric tons of surplus highly enriched uranium (HEU). 

NFS will work under the Department of Energy’s National Nuclear Security Administration’s (NNSA) prime contractor in support of NNSA’s Office of Material Management and Minimization, whose nonproliferation mission includes reducing HEU stockpiles around the world. The NNSA’s HEU disposition program seeks to reduce the proliferation threat from surplus HEU by converting it to low enriched uranium. In this form, the material can be used as commercial nuclear reactor fuel. 

“NFS plays a key role in the non-proliferation process ─ turning highly enriched uranium into fuel for our nation’s commercial nuclear power plants,” said Peyton S. (Sandy) Baker, BWXT’s President and Chief Executive Officer.  “We are very pleased to continue providing our services and support to the NNSA and its prime contractor in this very important arena.” 

Work to be conducted under this contract is expected to run through early 2019. 

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to the timing and value, to the extent either may be viewed as an indicator of future revenues, of the HEU downblending contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties in the commencement or execution of the contract, or modification or termination of the contract.  If one or more of these or other risks materialize, actual results may vary materially from those expressed in this release.  For a more complete discussion of these and other risk factors, please see BWXT’s 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.  BWXT 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. 

About BWXT

Headquartered in Lynchburg, Va., BWX Technologies, Inc. (BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power industry. BWXT has more than 5,400 employees and significant operations in Lynchburg, Va.; Erwin, Tenn.; Mount Vernon, Ind.; Euclid, Ohio; Barberton, Ohio; and Cambridge, Ontario, as well as more than a dozen U.S. Department of Energy sites around the country. Follow us on Twitter @BWXTech and learn more at  www.bwxt.com. 

About Nuclear Fuel Services, Inc.

Located in Erwin, Tenn., BWXT’s Nuclear Fuel Services, Inc. subsidiary operates a uranium fuel materials production facility to support America’s fleet of nuclear-powered submarines and aircraft carriers. It also converts Cold War-era government stockpiles of highly enriched uranium into material suitable for further processing into commercial nuclear reactor fuel.

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Media Contact                                                  

Susan Metcalf, APR
Nuclear Fuel Services
423-440-4482 cell
symetcalf@nuclearfuelservices.com

Investor Contact

Alan Nethery
Vice President, Investor Relations
980.365.4300
investors@bwxt.com

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Press Contacts:

BWX Technologies, Inc.

Jud Simmons 
+1 434.522.3800
hjsimmons@bwxt.com

BWXT Canada Ltd.  

Natalie Cutler 
+1 519.620.5288 
nacutler@bwxt.com 

BWXT Nuclear Energy Canada Inc.

Natalie Cutler
+1 519.620.5288  
nacutler@bwxt.com 

Nuclear Fuel Services, Inc.

Laura Bailey 
+1 423.743.9141
lebailey@nuclearfuelservices.com