BWXT Subsidiary Awarded $128 M in Contract Options from Naval Nuclear Propulsion Program

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.

Source: BWX Technologies, Inc.
Date: Mar 31, 2020