LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE:BWXT) announced today the award of approximately $34.5 million in contracts to BWXT Nuclear Operations Group, Inc. from the U.S. Naval Reactors Program. The work funded by these contracts will support the manufacture of naval nuclear reactor components for U.S. Navy submarines and aircraft carriers.
BWXT is the sole manufacturer of naval nuclear reactors for submarines and aircraft carriers. BWXT has been manufacturing naval nuclear components and reactors since the 1950s, when it designed and fabricated components for the USS Nautilus, the world’s first nuclear-powered submarine. Today, BWXT reactors power the Navy’s Ohio, Virginia, Seawolf and Los Angeles class submarines, as well as the Nimitz and Ford class aircraft carriers.
"We are very pleased to receive these contract awards and add to our backlog of work,” said Peyton S. Baker, President and Chief Executive Officer of BWXT. “We continue to stay focused on operating safely and delivering the quality products that our customer demands."
The activities funded by these contracts will be conducted at BWXT’s Lynchburg, Virginia; Barberton, Ohio; and Mount Vernon, Indiana locations.
Work under these contracts is already underway, and the majority of it will be carried out over the next two years. Of the $34.5 million in new funding announced today, approximately $9.4 million represents the exercise of options under a previously announced contract, and about $25.1 million represents new contracts awarded in 2015.
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power industry. BWXT has more than 5,200 employees and significant operations in Lynchburg, Va.; Erwin, Tenn.; Mount Vernon, Ind.; Euclid, Ohio; Barberton, Ohio; and Cambridge, Ontario, as well as more than a dozen U.S. Department of Energy sites around the country. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.
BWXT cautions that this release contains forward-looking statements, including statements relating to the timing and value, to the extent contract value 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 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 our annual report on Form 10-K for the year ended December 31, 2014 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. We caution 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.