B&W Announces $82 Million in Contracts for Naval Nuclear Components, Materials Recovery
CHARLOTTE, N.C., June 28, 2012
The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG) has received two U.S. Naval Reactors Program contracts totaling approximately $82 million for the manufacture of steam generating components as well as disassembly and recovery of highly enriched uranium materials.
"B&W NOG is pleased to continue its support of U.S. defense programs with these additional contracts," said Peyton S. Baker, President of B&W NOG. "We realize the important role that B&W NOG's unique nuclear manufacturing and processing capabilities play in our nation's security, and are committed to providing reliable propulsion products as well as specialized nuclear materials services."
B&W NOG offers a complete range of nuclear components and services, including the manufacture of nuclear reactor components for U.S. Naval submarines and aircraft carriers and other nuclear and non-nuclear R&D and component production. The organization employs more than 3,900 people with operations in Virginia, Ohio, Indiana and a subsidiary in Tennessee.
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 at www.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements, including statements relating to the amount, to the extent amount can be viewed as an indicator of future revenues, of the U.S. Naval Reactors Program contracts. These 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 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. 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.
Carla Parks Wooley, APR
Manager, Employee Communications & Public Relations
Babcock & Wilcox Nuclear Operations Group, Inc.
Michael P. Dickerson
Vice President and Investor Relations Officer
The Babcock & Wilcox Company