BWXT Joint Venture Awarded $140 Million Site Decommissioning Contract

BWX Technologies, Inc. (NYSE:BWXT) announced that its BWSR, LLC joint venture with APTIM has been awarded a two-year extension by Bechtel Marine Propulsion Corporation (BMPC).
By BWXT
Thursday, September 28, 2017

BWX Technologies, Inc. (NYSE:BWXT) announced today that its BWSR, LLC joint venture with APTIM has been awarded a two-year extension by Bechtel Marine Propulsion Corporation (BMPC). The $140 million award is inclusive of a $14 million option anticipated to be awarded in 2018. There is also an option for a third year of work at a value to be negotiated at a later date.

BWSR performs comprehensive D&D (decommissioning and demolition) and infrastructure support work on complex systems, components and nuclear work facilities at the Naval Nuclear Propulsion Program project sites that BMPC manages. BWSR operates at the Naval Reactors Facility in Idaho, the Bettis Laboratory in Pennsylvania, the Knolls Laboratory in New York, and the Kesselring Site in New York. 

BWSR has conducted high consequence D&D and infrastructure support work at these sites since October 2010. These activities include the complete demolition of inactive facilities, as well as removal of complex systems in operating nuclear facilities, to allow for new systems installations without compromising ongoing facility operations.

“BWXT takes immense pride in supporting the Nuclear Navy through this important infrastructure support and decommissioning program with our partner, APTIM,” said Rex D. Geveden, BWXT’s President and Chief Executive Officer. “We have a very successful track record at the Naval Nuclear Propulsion Program sites, and we look forward to continuing these efforts through BMPC.”

The contract extension takes effect October 1, 2017.

Forward Looking Statements
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 BMPC extension and options. 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.

About BWXT
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 6,000 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 a dozen U.S. Department of Energy and two NASA facilities. Follow us on Twitter @BWXTech and learn more atwww.bwxt.com.