BWXT Announces $492 Million in Naval Nuclear Reactor Contract Option Awards

LYNCHBURG, Va.–(BUSINESS WIRE)–BWX Technologies, Inc. (NYSE:BWXT) announced today that the U.S. Naval
Nuclear Propulsion Program has exercised contract options with
subsidiary BWXT Nuclear Operations Group, Inc. totaling approximately
$492 million for the manufacture of naval nuclear reactor components.

A variety of manufacturing and material procurement activities will be
performed under these contracts that will primarily support
Virginia-class submarine construction.

BWXT’s facilities in Lynchburg, Va.; Barberton and Euclid, Ohio; and
Mount Vernon, Ind. will execute this work over the next several years.

“BWXT is very proud to support the men and women in uniform who depend
on these propulsion systems every day,” said Rex D. Geveden, BWXT’s
President and Chief Executive Officer. “We appreciate the U.S. Navy’s
continued trust in our ability to deliver these components at the
highest levels of quality.”

The options were exercised in the fourth quarter of 2017, and activity
under these contracts is already underway. Additional naval nuclear
reactor component contracts and options are anticipated to be awarded
over the next several months.

BWXT has been manufacturing naval nuclear components and reactors since
the 1950s, when it designed and fabricated components for the USS
Nautilus, the world’s first nuclear-powered submarine. Today, BWXT
reactors power the Navy’s Ohio, Virginia, Seawolf and Los Angeles class
submarines, as well as the Nimitz and Ford class aircraft carriers.

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 naval nuclear reaction options and any
additional contract and/or option awards. 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, 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 NASA
facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.

Contacts

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