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BWXT Subsidiary Awarded $57.5 Million Contract to Prepare for Uranium Conversion and Purification Services

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BWX Technologies, Inc. (NYSE:BWXT) announced today that its Nuclear Fuel Services, Inc. (NFS) subsidiary has received a $57.5 million contract from the National Nuclear Security Administration (NNSA) to prepare for future highly enriched uranium (HEU) conversion and purification services.

Under this contract, NFS will provide a final design and pilot process demonstration using natural or depleted uranium (DU) to convert oxide to purified HEU metal. Because NNSA needs a bridging capability for conversion of oxide to purified HEU metal, NFS will design a process that could provide uranium purification and conversion services during the ‘bridge' period until the Y-12 National Security Complex re-establishes a future oxide conversion capability.

"As an NRC-licensed Category 1 nuclear facility, NFS is uniquely qualified to meet the needs of NNSA by providing it with expanded HEU processing capability," said Joel Duling, BWXT Nuclear Operations Group, Inc. president. "We are proud to utilize our existing operational infrastructure, security framework and workforce expertise to provide this bridging capability as Y-12 continues its modernization efforts and role as our nation's Uranium Center of Excellence."

Work will begin immediately under this firm-fixed price contract. NNSA previously announced its intent to award a contract for this work. In that announcement, NNSA stated, "To support its full range of mission needs, the NNSA's Uranium Program Office is seeking an industry partner to provide Uranium purification capabilities. NNSA requires that the purification and conversion capabilities provided by the Contractor allow for HEU materials of various forms (such as metal and oxide) to be purified and converted to a safe metal form that meets government specification."

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact and value, to the extent contract value can be viewed as an indicator of future revenues, of the HEU conversion and purification services demonstration contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays in performance. 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 BWXT's annual report on Form 10-K for the year ended December 31, 2020. 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

At BWX Technologies, Inc. (NYSE:BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.

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