BWXT Nuclear Energy Canada Awarded CA$168 Million Contract Extension for OPG Nuclear Fuel Manufacturing

PETERBOROUGH, Ontario–(BUSINESS WIRE)–BWX Technologies, Inc. (NYSE:BWXT) announced today that its subsidiary
BWXT Nuclear Energy Canada Inc. (BWXT NEC) has been awarded a CA$168
million, five-year contract extension to manufacture fuel for Ontario
Power Generation’s (OPG) Darlington and Pickering nuclear generating
stations. The deal extends BWXT NEC’s current fuel manufacturing
arrangement with OPG to the end of 2023.

“We are proud to be continuing our role in producing fuel bundles for
OPG’s nuclear fleet,” said John MacQuarrie, President, BWXT Canada Ltd.
and BWXT NEC. “This contract represents clean, low-cost and reliable
electricity for millions of people in Ontario and sustains hundreds of
high-value jobs across our facilities in Peterborough, Toronto and
Arnprior.”

“The safe operation of our nuclear fleet is our number one priority,”
said Glenn Jager, OPG Nuclear President and Chief Nuclear Officer. “We
are pleased to award this five-year contract extension to manufacture
fuel for our Pickering and Darlington Stations. BWXT has a long history
of supplying reliable, high-quality fuel that meets the stringent
requirements of reactor operating conditions. The nuclear industry
contributes over $5 billion annually to the Canadian economy and
supports about 50,000 jobs in Ontario. BWXT is a large part of the
success of nuclear in this province.”

Three of BWXT’s Canadian-based operations (Peterborough, Arnprior and
Toronto) will directly benefit from the positive impacts of the contract
extension. The Arnprior operation produces zirconium-alloy tubes, while
the Toronto facility produces natural uranium pellets. These components
are shipped to the BWXT Peterborough facility where they are assembled
into fuel bundles.

“I congratulate OPG and BWXT on this important contract,” said Jeff
Leal, Peterborough Member of Provincial Parliament. “Ontario’s nuclear
industry is an important economic engine in this province, and it is
great to feel those benefits right here in Peterborough.”

BWXT NEC has been manufacturing fuel for OPG since the early 1970s, when
the first fleet of Pickering (28 element fuel) reactors came on line.
Later, BWXT NEC manufactured fuel for the Bruce and Darlington reactors
(37 element fuel) as they came online throughout the 1980s and into the
1990s. Today, and for the past 17 years, BWXT NEC has been the sole fuel
manufacturing supplier to OPG, providing both 28 and 37 element fuel
bundle designs.

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 OPG fuel 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 6,100 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 a dozen U.S. Department of Energy and NASA
facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.

About OPG

OPG owns and operates the Pickering and Darlington Nuclear Power
Stations. The two stations have a combined generating capacity of about
6,600 megawatts and supply low-cost, reliable and clean electricity to
meet approximately 35 percent of Ontario’s energy needs. OPG’s power is
priced 40 percent lower than other generators, which helps moderate
customer bills.

Contacts

Media Contact
BWXT Nuclear Energy Canada
Sara Forsey,
705-927-0429
[email protected]
or
Investor
Contact
Alan Nethery, 980-365-4300
Vice President and
Chief Investor Relations Officer
[email protected]