CHARLOTTE, N.C.--(BUSINESS WIRE)--Feb. 9, 2012--
The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its
subsidiary, Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG),
received its second release under the $2 billion contract awarded in
2010. The $600 million order was funded in the fourth quarter of 2011
and is for the manufacture of nuclear components to support U.S. defense
programs including the manufacture of naval nuclear power systems for
submarines and aircraft carriers. Combined with the annual award for
naval nuclear fuel announced during the fourth quarter, B&W NOG reported
total fourth-quarter bookings of $777.6 million, and ended 2011 with
total backlog of approximately $3.0 billion.
Work will be performed at B&W NOG’s Lynchburg, Va., Barberton and
Euclid, Ohio and Mt. Vernon, Ind. facilities over an eight-year period,
beginning in January 2012.
“We are pleased to receive this additional work and continue B&W’s
ongoing support of U.S. defense programs,” said Peyton S. Baker,
President of B&W NOG. “We look forward to continuing to provide reliable
and technologically advanced nuclear products that play an important
role in our nation’s security.”
B&W NOG offers a complete range of nuclear components and services,
including the manufacture of nuclear reactor components for U.S. Naval
submarines and aircraft carriers and other nuclear and non-nuclear R&D
and component production. The organization employs more than 3,900
people with operations in Virginia, Ohio, Indiana and a subsidiary in
Tennessee.
About B&W
Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a
leader in clean energy technology and services, primarily for the
nuclear, fossil and renewable power markets, as well as a premier
advanced technology and mission critical defense contractor. B&W has
locations worldwide and employs approximately 12,700 people, in addition
to approximately 10,400 joint venture employees. Learn more at www.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements,
including statements relating to backlog, to the extent backlog may be
viewed as an indicator of future revenues, and performance of work under
the order. These forward-looking statements involve a number of
risks and uncertainties, including, among other things, delays or other
difficulties executing on our contracts in backlog and modifications of
the Government contract. If one or more of these or other risks
materialize, actual results may vary materially from those expected. For
a more complete discussion of these and other risk factors, please see
B&W’s filings with the Securities and Exchange Commission, including its
annual report on Form 10-K for the year ended December 31, 2010 and
subsequent quarterly reports on Form 10-Q. B&W cautions not to
place undue reliance on these forward-looking statements, which speak
only as of the date hereof, and undertakes no obligation to update or
revise any forward-looking statement, except to the extent required by
applicable law.
Source: The Babcock & Wilcox Company
The Babcock & Wilcox Company
Media Contact:
Jud
Simmons, Manager, Public Relations, 434-522-6462
hjsimmons@babcock.com
or
Investor
Contact:
Michael P. Dickerson, Vice President and Investor
Relations Officer, 704-625-4944
investors@babcock.com
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