The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its subsidiary Nuclear Fuel Services, Inc. (NFS) has been awarded contract options for work totaling approximately $169 million from the U.S. Department of Energy, Naval Reactors Laboratory Field Office. This work has been awarded under the $302 million contract B&W previously announced in 2014.
The work to be completed under these options includes the manufacture and delivery of fuel and support activities for the U.S. Naval Nuclear Propulsion Program, as well as development of material for future Naval Reactors programs. NFS has been the sole manufacturer of nuclear fuel for the U.S. Navy's fleet of nuclear-powered aircraft carriers and submarines since 1964.
Work under these contracts is being performed at NFS facilities in Erwin, Tenn. The work began in January 2015 and is scheduled to continue through February 2016.
“Receiving the award for these second-year contract options is further validation of the excellent work we do at NFS,” said Joel Duling, President of NFS. “I am proud of our team, and we look forward to supporting the Department of Energy and the U.S. Navy in these critical defense projects through the completion of this contract.”
NFS employs a full-time workforce of approximately 1,000 people, including long-term contractors and security personnel.
Source: The Babcock & Wilcox Company
Date: Mar 16, 2015