BWXT Awarded $806M Contract to Support U.S. Naval Nuclear Propulsion Program; Rex Geveden Quoted

BWX Technologies announced on Thursday that the U.S. Naval Nuclear Propulsion Program has awarded the company’s subsidiary, BWXT Nuclear Operations Group, a potential $806M contract to support the U.S. Navy’s program and to procure long-lead materials required for the manufacture of naval reactor components.

The base material procurement contract for fiscal year 2019 is valued at $75M and is the first of seven annual options available through 2025. The remaining six options have an average annual value of about $122M, contingent on U.S. congressional appropriations.

“BWXT remains committed to fulfilling our mission to deliver the highest quality nuclear propulsion components to the U.S. Navy,” said Rex Geveden, president and CEO at BWXT. “This award enables us to begin critical procurements for long-lead items to meet the rising demand for naval nuclear propulsion systems.”

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 6,350 employees, BWXT has 11 major operating sites in the U.S. and Canada.