BWXT Announces $300 Million Contract for Naval Nuclear Reactor Fuel
October 24 2023 - 6:45AM
Business Wire
BWX Technologies, Inc. (NYSE: BWXT) today announced the award of
a U.S. Naval Nuclear Propulsion Program contract totaling
approximately $300 million for the manufacture of naval nuclear
reactor fuel.
Under this contract, BWXT subsidiary Nuclear Fuel Services,
Inc., located in Erwin, Tennessee, will manufacture and deliver
fuel for the Naval Reactors Program. BWXT fuel and reactors power
the U.S. Navy’s Ohio, Virginia, Seawolf and Los Angeles class
submarines, as well as the Nimitz and Ford class aircraft carriers.
BWXT fuel and reactors will also power the Navy’s Columbia-class
submarines.
When production of fuel is complete, it is shipped to BWXT’s
facility near Lynchburg, Virginia for final installation into the
naval reactors that BWXT manufactures. The reactors for submarines
being developed and built today are designed to last for the life
of the ship, and reactors for aircraft carriers are designed to be
refueled only once during the life of the ship.
“BWXT has a trusted relationship with Naval Reactors to provide
reliable power for the nuclear navy, and it’s a mission that our
company and our employees see as vital for national security,” said
Sharon Smoot, president of BWXT Nuclear Operations Group, Inc.
“Naval Reactors is celebrating its 75th anniversary this year, and
BWXT remains committed to providing our customer with the
highest-quality components and support activities for many years to
come.”
Work under this contract has already commenced, with completion
targeted for mid-2025.
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 contract for the
manufacture of naval nuclear fuel. These forward-looking statements
involve a number of risks and uncertainties, including, among other
things, modification or termination of the contract, funding of
current and future work and delays in performance. 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, 2022 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 NFS
Nuclear Fuel Services, Inc. (NFS) processes highly enriched
uranium to manufacture fuel material for all naval nuclear reactors
used in U.S. submarines and aircraft carriers. It also provides
uranium downblending services to support commercial power needs and
national security missions. NFS is a BWX Technologies, Inc. company
and is a part of its BWXT Nuclear Operations Group, Inc.
subsidiary.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a
Defense News Top 100 manufacturing and engineering innovator that
provides safe and effective nuclear solutions for global security,
clean energy, environmental restoration, nuclear medicine and space
exploration. With more than 7,000 employees, BWXT has 14 major
operating sites in the U.S., Canada and the U.K. In addition, BWXT
joint ventures provide management and operations at a dozen U.S.
Department of Energy and NASA facilities. For more information,
visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and
Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20231024819969/en/
Media Contact Laura Bailey NFS Communications Manager
423.735.5494 lebailey@bwxt.com
Investor Contact Chase Jacobson Vice President, Investor
Relations 980.365.4300 investors@bwxt.com
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