NEWS RELEASE: BWX Technologies, Inc. (NYSE: BWXT) announced today that the U.S. Naval Nuclear Propulsion Program has awarded subsidiary BWXT Nuclear Operations Group, Inc. (BWXT NOG) new contracts with options totaling approximately $1 billion for the manufacture of naval nuclear reactor components.

“We are proud to provide nuclear propulsion systems that enable U.S. Navy sailors and aviators to protect freedom around the globe,” BWXT President and Chief Executive Officer Rex D. Geveden said. “We appreciate the U.S. Navy’s continued trust in our employees and our capability to perform this important work.”

The initial contract award booked in the fourth quarter of 2019 constitutes two-thirds of the anticipated total value. The remaining contract option award is expected later this year, subject to annual Congressional appropriations.

A variety of naval nuclear reactor component manufacturing and material procurement activities will be performed over the term of this contract to support Ford-class carrier construction. This work will be performed at BWXT NOG locations in Lynchburg, Virginia; Barberton and Euclid, Ohio; and Mount Vernon, Indiana.

The award announced today is in addition to the submarine reactor component and fuel manufacturing and long-lead materials contracts announced last year. Together, these contracts represent a total of nearly $4 billion in additional naval nuclear propulsion work awarded in 2019, including future-year options.