The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its
subsidiary Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG) has
received a $130 million contract for nuclear reactor components based on
recent technological advances that will be used on the U.S. Navy’s
Virginia-Class submarines. The award is in addition to previously
announced contracts under which the Company is currently providing
similar products and services.
Work will be performed at B&W NOG’s Lynchburg, Va., facility over a
five-year period, beginning immediately.
“B&W is pleased to receive this new contract award,” said Peyton S.
Baker, President of B&W NOG. “The work will be executed in our Lynchburg
facility and highlights the technologically advanced capabilities B&W
utilizes to provide high value-added products in support of U.S. defense
programs.”
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.
About B&W
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 performance and timing of the
nuclear reactor components contract. Forward-looking statements
involve a number of risks and uncertainties, including, among other
things, delays or other difficulties in executing contracts. 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. 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.
