BWXT Joint Venture Awarded $1.5 Billion Environmental Management Contract
- May 27th, 2017
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LYNCHBURG, Va. / CRWE PRESS RELEASE / May 26, 2017 - BWX Technologies, Inc. (NYSE:BWXT) announced today that its Four Rivers Nuclear Partnership, LLC joint venture with lead partner CH2M and Fluor Corporation was awarded the Paducah Deactivation and Remediation Contract at the U.S. Department of Energy’s (DOE) Paducah Gaseous Diffusion Plant (PGDP) in Kentucky.
The contract is valued at approximately $1.5 billion over 10 years. It includes a five-year base term, followed by three-year and two-year option periods unilaterally exercisable by DOE.
The scope of the contract focuses on the continued deactivation of the PGDP facilities and preparing the facilities for future demolition, while maintaining compliant waste management and environmental remediation operations. The goal of the deactivation and remediation activities is to reduce risk and accelerate the reduction of future surveillance, maintenance and demolition costs.
“BWXT is extremely pleased to add the Paducah Deactivation and Remediation Contract to our growing portfolio of nuclear environmental management projects,” said Rex D. Geveden, BWXT’s President and Chief Executive Officer. "Our competencies translate very well to this market, and with our partners we expect to deliver significant value to the Department of Energy in the execution of this contract."
BWXT is a partner in joint ventures serving DOE’s Office of Environmental Management at locations such as Savannah River Site, the Portsmouth Gaseous Diffusion Plant, the West Valley Demonstration Project and the Waste Isolation Pilot Plant (WIPP).
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 Paducah Gaseous Diffusion 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.
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 a dozen U.S. Department of Energy and two NASA facilities. Follow us on Twitter @BWXTech and learn more atwww.bwxt.com.
BWX Technologies, Inc.
Director, Media & Public Relations
Vice President, Investor Relations
Source: BWX Technologies, Inc.