B&W Subsidiary Awarded More Than $100 Million for U.S. DOE Fuel and Materials Services Contracts
CHARLOTTE, N.C.--(BUSINESS WIRE)-- The Babcock & Wilcox Company (B&W) (NYS: BWC) announced today that its subsidiary, Nuclear Fuel Services, Inc. (NFS), has been awarded two new contracts for fuel and materials services from the U.S. Department of Energy, Naval Reactors Laboratory Field Office.
The first contract includes the manufacture and delivery of fuel and support activities for the U.S. Naval Nuclear Propulsion Program. NFS has been the sole manufacturer of nuclear fuel for the U.S. Navy's fleet of nuclear-powered aircraft carriers and submarines since 1964. The second contract provides for the development of material for future Naval Reactors programs.
"We appreciate the confidence placed in our organization by the U.S. Department of Energy and the Naval Reactors program," said Peyton S. (Sandy) Baker, President, Babcock & Wilcox Nuclear Operations Group, Inc. "We're proud to support these critical defense projects, particularly our role in supplying the fuel that powers the U.S. Naval Nuclear Propulsion Program."
NFS employs a full-time work force of around 1,000 people, including long-term contractors and security personnel.
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 12,700 people, in addition to approximately 10,400 joint venture employees. Learn more atwww.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements relating to the value of the Department of Energy contracts, to the extent contract value can be viewed as an indicator of future revenues. Forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contracts 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, 2011 and quarterly reports on Form 10-Q. 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.
Nuclear Fuel Services
Lauri Turpin, 423-735-5698
The Babcock & Wilcox Company
Jenny Apker, 704-625-4937
Vice President, Treasurer and Investor Relations
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