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BWXT Announces $3.1 Billion in Contracts for Naval Nuclear Reactor Components and Fuel

26 April 2016

(LYNCHBURG, Virginia – April 27, 2016) – BWX Technologies, Inc. (NYSE:BWXT) announced today that the U.S. Naval Nuclear Propulsion Program has awarded two of its subsidiaries contracts with options totaling approximately $3.1 billion for the manufacture of naval nuclear reactor components and fuel. 

The reactor components contracts were awarded to BWXT Nuclear Operations Group, Inc. (BWXT NOG), and the naval nuclear fuel contracts were awarded to Nuclear Fuel Services, Inc. (NFS). Approximately $1.2 billion of this award has been received in 2016, with the bulk of the remaining contract awards expected to be received in 2017 and 2018, subject to annual Congressional appropriations. 

A variety of naval nuclear reactor manufacturing activities will be performed at BWXT NOG under these contracts that will primarily support Ford-class carrier construction, Nimitz-class carrier refueling, Virginia-class submarine construction, and preliminary Ohio-class submarine replacement work. 

At NFS, the primary scope of work includes the manufacture and delivery of fuel and support activities for the U.S. Naval Nuclear Propulsion Program, as well as development of material for future Naval Reactors programs. 

The reactor component work to be completed under these contracts will be conducted at BWXT’s locations in Lynchburg, Va.; Barberton and Euclid, Ohio; and Mount Vernon, Ind. The fuel work will be conducted at NFS in Erwin, Tenn.  

“We look forward to providing the critical nuclear components and fuel that power the Navy’s submarines and aircraft carriers and help keep the United States and its allies safe,” said Peyton S. (Sandy) Baker, BWXT’s President and Chief Executive Officer. “The awards of these contracts demonstrate the continued reliability placed on BWXT to execute this important work for the U.S. Government in a safe and cost-effective manner.” 

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the value and timing of the U.S. Naval Nuclear Propulsion Program contracts, to the extent they may be viewed as an indicator of future revenues.  These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties in contract execution, adverse changes in Congressional funding appropriations or a lack thereof.   If one or more of these or other risks materialize, actual results may vary materially from those expected.  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 hereof, 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                                                       

Jud Simmons
Director, Communications
434.522.6462
hjsimmons@bwxt.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