BWXT Joint Venture Awarded $1.39 Billion Environmental Management Contract

LYNCHBURG, Va.–(BUSINESS WIRE)–BWX Technologies, Inc. (NYSE:BWXT) announced today that its Newport News
Nuclear BWXT-Los Alamos (N3B) joint venture with lead partner Stoller
Newport News Nuclear (SN3), a subsidiary of Huntington Ingalls
Industries Technical Solutions division, was awarded the Los Alamos
Legacy Cleanup Contract. The work will be conducted at the U.S.
Department of Energy’s (DOE) Los Alamos National Laboratory (LANL).

The contract is valued at approximately $1.39 billion over 10 years.
Following a 90-day transition period, the contract includes a five-year
base term and three-year and two-year option periods unilaterally
exercisable by DOE.

The DOE’s Office of Environmental Management’s (EM) mission at LANL is
to clean up the site safely and to reduce risks to the public, workers
and the environment associated with legacy material, facilities and
waste sites. The scope of the contract focuses on environmental
monitoring and remediation, waste management and disposition, and
decontamination and decommissioning at LANL.

“BWXT is very gratified to be selected to perform this very important
work by the Department of Energy,” said Rex D. Geveden, BWXT’s President
and Chief Executive Officer. “Our nuclear environmental management
credentials are particularly well suited to the complex, multi-year
projects we will undertake at Los Alamos with our partner SN3 on behalf
of our EM clients.”

BWXT is a partner in joint ventures serving EM at locations such as the
Savannah River Site, the Portsmouth Gaseous Diffusion Plant, the West
Valley Demonstration Project, the Paducah Gaseous Diffusion Plant, and
the Waste Isolation Pilot Plant (WIPP). SN3 serves the DOE in multiple
locations, the largest as a prime partner in the management and
operating contractor for the Savannah River Site.

For more information, please see the DOE’s news release at https://www.energy.gov/em/articles/doe-awards-new-los-alamos-legacy-cleanup-contract.

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements,
including statements relating to the performance, timing and value, to
the extent contract value can be viewed as an indicator of future
revenues, of the Los Alamos Legacy Cleanup contract and options. These
forward-looking statements involve a number of risks and uncertainties,
including, among other things, modification or termination of the
contract, delays or other difficulties in the commencement or execution
of the options, and the availability of 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 BWXT’s annual report on Form
10-K for the year ended December 31, 2016 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 6,100 employees, BWXT has nine major operating sites in
the U.S. and Canada. In addition, BWXT joint ventures provide management
and operations at more than dozen U.S. Department of Energy and two NASA
facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.

About SN3

SN3 is a subsidiary of Huntington Ingalls Industries’ Technical
Solutions division. SN3 serves the DOE in multiple locations, the
largest as a prime partner in Savannah River Nuclear Solutions, the M&O
contractor for the Savannah River Site (SRS). SN3 is also a prime
partner for the NNSA at the National Nuclear Security Site in Nevada.
SN3 successfully manages nuclear facility operations, nuclear waste
management, engineering, project management and integration, general
site services, and safety and quality management.

Contacts

BWX Technologies, Inc.
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Jud
Simmons, 434-522-6462
Director, Media & Public Relations
[email protected]
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Contact
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