The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Babcock & Wilcox Canada Ltd. has been awarded a contract worth approximately $40 million from Bruce Power to perform fuel channel maintenance on its Unit 3 nuclear reactor during a scheduled plant shutdown in November 2011.
"B&W has a proven reputation for excellence in nuclear manufacturing, engineering, inspection and repair services for the nuclear power industry," said Babcock & Wilcox Nuclear Energy, Inc. President Chris Mowry. "This contract for Bruce Power is the continuation of a very successful program that has benefited from excellent teamwork between our two companies."
Bruce Power, located near Kincardine, Ontario, Canada, is the largest nuclear facility in North America, and second largest in the world, comprised of eight CANDU nuclear reactors with a total output capability of 7,276 megawatts.
This will be the third fuel channel maintenance project performed for Bruce Power. In previous projects, 200 channels on the Unit 3 reactor were moved. Under this contract, nearly all of the 480 channels will be shifted in order to bring the reactor back to service after the outage.
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 12,000 people, in addition to approximately 10,000 joint venture employees. Learn more at www.babcock.com.
About Bruce Power
Bruce Power is a partnership among Cameco Corporation, TransCanada Corporation, BPC Generation Infrastructure Trust, a trust established by the Ontario Municipal Employees Retirement System, the Power Workers' Union and The Society of Energy Professionals.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that statements in this release that are not historical fact may constitute forward-looking statements, including statements relating to the Bruce Power nuclear reactor maintenance contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing on our contracts in backlog and adverse changes affecting the nuclear industry. 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 B&W's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010, as supplemented by its 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 hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Babcock & Wilcox Canada
519.621.2120 ext. 5288
Michael P. Dickerson
Vice President and Investor Relations Officer
The Babcock & Wilcox Company