CHARLOTTE, N.C.--(BUSINESS WIRE)--Nov. 14, 2012--
The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that its
subsidiary, Nuclear Fuel Services, Inc. (NFS), has been awarded two new
contracts for fuel and materials services from the U.S. Department of
Energy, Naval Reactors Laboratory Field Office.
The first contract includes the manufacture and delivery of fuel and
support activities for the U.S. Naval Nuclear Propulsion Program. 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. The
second contract provides for the development of material for future
Naval Reactors programs.
“We appreciate the confidence placed in our organization by the U.S.
Department of Energy and the Naval Reactors program,” said Peyton S.
(Sandy) Baker, President, Babcock & Wilcox Nuclear Operations Group,
Inc. “We’re proud to support these critical defense projects,
particularly our role in supplying the fuel that powers the U.S. Naval
Nuclear Propulsion Program.”
NFS employs a full-time work force of around 1,000 people, including
long-term contractors and security personnel.
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
cautions that this release contains forward-looking statements relating
to the value of the Department of Energy contracts, to the extent
contract value can be viewed as an indicator of future revenues.
Forward-looking statements involve a number of risks and uncertainties,
including, among other things, modification or termination of the
contracts and adverse changes in U.S. Government appropriations. 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 B&W's filings with the Securities and
Exchange Commission, including its annual report on Form 10-K for the
year ended December 31, 2011 and 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 of this release, 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
Nuclear Fuel Services
The Babcock & Wilcox Company
Vice President, Treasurer and Investor Relations