B&W Announces $366 Million Contract for Naval Reactors Materials Procurement

The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that itssubsidiary, Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG), hasreceived 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 ofnuclear propulsion components at B&W NOG's Lynchburg, Va. facility. At thistime, $75 million has been released to B&W, with the remaining amountexpected to be funded over the next six fiscal years (2014-2019). "B&W is pleased to continue serving the U.S. Naval Reactors Program insupport of producing quality products while reducing costs through this newcontract," said Peyton S. Baker, President of B&W NOG. "Our Company's rolein supporting the U.S. Navy's nuclear fleet's mission is a source of immensepride 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. Navysubmarines and aircraft carriers, as well as other nuclear and non-nuclearresearch and development and component production. The organization employsmore than 3,900 people with operations in Virginia, Ohio, Indiana and asubsidiary in Tennessee. About B&W Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leaderin clean energy technology and services, primarily for the nuclear, fossiland renewable power markets, as well as a premier advanced technology andmission critical defense contractor. B&W has locations worldwide and employsapproximately 14,000 people, in addition to approximately 10,400 jointventure employees. Learn more at www.babcock.com. Cautionary Statement Regarding Forward Looking Statements B&W cautions that this release contains forward-looking statements relatingto the performance, timing and value, to the extent contract value can beviewed as an indicator of future revenues, of the U.S. Naval ReactorsProgram contract. These forward-looking statements involve a number of risksand uncertainties, including, among other things, modification ortermination of the contract and adverse changes in U.S. Governmentappropriations. If one or more of these or other risks materialize, actualresults may vary materially from those expressed. For a more completediscussion of these and other risk factors, please see B&W's filings withthe Securities and Exchange Commission, including its annual report on Form10-K for the year ended December 31, 2012. B&W cautions not to place unduereliance on these forward-looking statements, which speak only as of thedate of this release, and undertakes no obligation to update or revise anyforward-looking statement, except to the extent required by applicable law.