BWX Technologies, Inc. (NYSE: BWXT) announced today that the U.S. Naval Nuclear Propulsion Program exercised contract options in Q1 2020 with BWXT’s subsidiary Nuclear Fuel Services, Inc. (NFS) totaling approximately $128 million for fuel manufacturing work in support of the nation’s nuclear submarines and aircraft carriers.
NFS is a subsidiary of BWXT Nuclear Operations Group, Inc. (NOG), which provides a complete range of nuclear components and services, including the manufacture of nuclear reactor components for U.S. Navy submarines and aircraft carriers, and other nuclear and non-nuclear research and development, and component production.
Work under this 12-month contract is expected to begin later this year.
“NFS is proud to support the needs of the U.S. Navy,” said John A. Stewart, NFS president. “Our workforce is dedicated to providing fuel and services of the highest quality to support the men and women charged with our country’s defense efforts.”
“As the nation’s only manufacturer of naval nuclear reactors and the fuel for those systems, it’s our duty to ensure that safety and quality are the foundations of the work we do every day,” said Joel Duling, BWXT NOG president. “We appreciate the confidence our customer places in us to power such a critical component of national security.”
NFS is one of only two Category I nuclear facilities licensed by the Nuclear Regulatory Commission to store and process highly enriched uranium. The other Category I facility is BWXT’s facility in Lynchburg, Va. NFS employs a full-time workforce of approximately 1,100 people, including long-term contractors and security personnel.
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 exercised options for the fuel manufacturing contract and the timing, benefits and impact of such option exercises. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract or options. 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, 2019 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.
Nuclear Fuel Services, Inc. processes highly enriched uranium to manufacture fuel material for naval nuclear reactors used in U.S. submarines and aircraft carriers and provides downblending services to the Tennessee Valley Authority. NFS is a BWX Technologies, Inc. (NYSE: BWXT) company and is a part of its BWXT Nuclear Operations Group, Inc. subsidiary. Learn more at www.nuclearfuelservices.com and www.bwxt.com.
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