AEP Selects B&W for Steam Generator Services Contract

CHARLOTTE, N.C.--()--The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary, Babcock & Wilcox Nuclear Energy, Inc., (B&W NE) was awarded a contract from American Electric Power (AEP) to provide steam generator services for the Donald C. Cook (D.C. Cook) Nuclear Plant just north of Bridgman, Mich. The D.C. Cook Plant contains two units, one of which is outfitted with Babcock & Wilcox replacement recirculating steam generators.

As part of this contract, B&W NE will execute a comprehensive inspection and cleaning campaign, which includes eddy current testing, visual inspections and water lancing. The inspections and cleaning activities are conducted periodically to monitor and maintain the condition of the steam generators.

The D.C. Cook units are built to a more compact design known as an ice condenser plant, for which B&W NE’s proprietary tooling and technology are ideally suited to efficiently perform the steam generator inspection and cleaning operations in restricted spaces.

“I’m confident that our proven performance in executing inspection and cleaning activities for nuclear utilities will contribute to successful outages at the D.C. Cook Plant,” said Joe Zwetolitz, President, B&W NE. “Our innovative remote inspection and optimized cleaning technologies continue to offer the industry low cost, dose and schedule advantages when it comes to steam generator inspection and maintenance services.”

The multi-year contract began in February.

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 12,000 people, in addition to approximately 10,200 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, to the extent either can be viewed as an indicator of future revenues, of the contract with AEP. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays or other difficulties in executing the contract. 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 annual report on Form 10-K for the year ended December 31, 2013 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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.

Contacts

The Babcock & Wilcox Company
Media Contact:
Jud Simmons, 434-522-6462
Corporate Communications
hjsimmons@babcock.com
or
Investor Contact:
Jenny Apker, 704-625-4937
Vice President, Treasurer and Investor Relations
investors@babcock.com

Release Summary

Subsidiary Babcock & Wilcox Nuclear Energy, Inc. awarded a contract from American Electric Power to provide steam generator services for the Donald C. Cook Nuclear Plant.

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Contacts

The Babcock & Wilcox Company
Media Contact:
Jud Simmons, 434-522-6462
Corporate Communications
hjsimmons@babcock.com
or
Investor Contact:
Jenny Apker, 704-625-4937
Vice President, Treasurer and Investor Relations
investors@babcock.com