October 3, 2018 - 4:30 PM EDT
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BWXT Joint Venture Awarded $850 Million Contract Extension at Portsmouth Gaseous Diffusion Plant

LYNCHBURG, Va.

BWX Technologies, Inc. (NYSE:BWXT) announced today that the U.S. Department of Energy has awarded Fluor-BWXT Portsmouth, LLC (FBP) a 30-month contract extension valued at approximately $850 million. BWXT is a partner in the FBP joint venture.

FBP is responsible for decontamination and decommissioning (D&D) of the Portsmouth Gaseous Diffusion Plant (GDP). The scope of the project includes deactivation and preparation for demolition and disposal of all GDP facilities, process equipment, related process buildings and other ancillary facilities. It also includes continued environmental remediation, uranium stewardship and community outreach programs.

“BWXT and Fluor are performing very important work at Portsmouth, and we are exceedingly pleased that the Energy Department extended this contract to ensure continuity of the effort,” said Rex Geveden, BWXT’s president and chief executive officer. “We remain squarely focused on safe and efficient project execution as we work to steadily reduce the environmental liabilities at the site.”

The Portsmouth GDP operated from 1954 to 2001. Located in Pike County, Ohio, the plant occupies about 1,200 acres. The plant was one of three large gaseous diffusion plants in the U.S. initially constructed to produce enriched uranium to support the nation’s nuclear weapons program and, in later years, enriched uranium used by commercial nuclear reactors. The Department of Energy began its environmental cleanup program at the site in 1989, and the effort continues today in cooperation with the U.S. and Ohio Environmental Protection Agencies.

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 extension. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays. 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, 2017 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 BWXT
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,250 employees, BWXT has 11 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.

BWX Technologies, Inc.
Media Contact:
Jud Simmons, 434-522-6462
Director, Media & Public Relations
[email protected]
or
Investor Contact:
Alan Nethery, 980-365-4300
Vice President and Chief Investor Relations Officer
[email protected]


Source: Business Wire (October 3, 2018 - 4:30 PM EDT)

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