LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE:BWXT) announced today that the U.S. Naval Nuclear Propulsion Program has exercised contract options with subsidiary BWXT Nuclear Operations Group, Inc. totaling approximately $492 million for the manufacture of naval nuclear reactor components.
A variety of manufacturing and material procurement activities will be performed under these contracts that will primarily support Virginia-class submarine construction.
BWXT’s facilities in Lynchburg, Va.; Barberton and Euclid, Ohio; and Mount Vernon, Ind. will execute this work over the next several years.
“BWXT is very proud to support the men and women in uniform who depend on these propulsion systems every day,” said Rex D. Geveden, BWXT’s President and Chief Executive Officer. “We appreciate the U.S. Navy’s continued trust in our ability to deliver these components at the highest levels of quality.”
The options were exercised in the fourth quarter of 2017, and activity under these contracts is already underway. Additional naval nuclear reactor component contracts and options are anticipated to be awarded over the next several months.
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.
BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact and value, to the extent contract value can be viewed as an indicator of future revenues, of the naval nuclear reaction options and any additional contract and/or option awards. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays. 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 BWXT’s annual report on Form 10-K for the year ended December 31, 2016 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT 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.
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,100 employees, BWXT has nine major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.