B&W Announces $130 Million Contract for Naval Nuclear Reactor Components

CHARLOTTE, N.C.--(BUSINESS WIRE)--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.

“B&W is pleased to receive this new contract award”

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.