The Babcock & Wilcox Company (B&W) BWC announced today that its
subsidiary, Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG), has
received a contract from the U.S. Naval Reactors Program worth approximately
$366 million.
The award is for the procurement of material to be used in the assembly of
nuclear propulsion components at B&W NOG's Lynchburg, Va. facility. At this
time, $75 million has been released to B&W, with the remaining amount
expected to be funded over the next six fiscal years (2014-2019).
"B&W is pleased to continue serving the U.S. Naval Reactors Program in
support of producing quality products while reducing costs through this new
contract," said Peyton S. Baker, President of B&W NOG. "Our Company's role
in supporting the U.S. Navy's nuclear fleet's mission is a source of immense
pride for our workforce."
B&W NOG offers a complete range of nuclear components and services,
including the manufacture of nuclear reactor components for U.S. Navy
submarines and aircraft carriers, as well as other nuclear and non-nuclear
research and development and component production. The organization employs
more than 3,900 people with operations in Virginia, Ohio, Indiana and a
subsidiary in Tennessee.
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 14,000 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 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 contract. These forward-looking statements involve a number of risks
and uncertainties, including, among other things, modification or
termination of the contract 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 B&W's filings with
the Securities and Exchange Commission, including its annual report on Form
10-K for the year ended December 31, 2012. 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.
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