BWXT Nuclear Energy Canada Awarded CA$34 Million Contract for Primary Heat Transport Motors – Business Wire (press release)

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$34 million, five year contract to supply seven primary heat transport motors for Bruce Power. The motors are part of Bruce Powers life-extension program that will extend the life of six of its reactors to continue providing Ontario with clean, low-cost and reliable electricity for decades to come.

The primary heat transport motors are required to drive the main circulating pumps used to push heavy water through the reactor core into the steam generators. The scope of the contract includes the project management, engineering and manufacturing of seven 11,000 horsepower motors. Work under this contract will commence immediately with the first motor scheduled to be delivered to Bruce Power in mid-2018.

We appreciate the opportunity to execute this important project for Bruce Power and take great pride in our contributions to its life extension program, said John MacQuarrie, president of BWXT Canada Ltd. and BWXT NEC. BWXT is pleased to be in a position to supply its customers with a multitude of product and service solutions to assist them in extending the lives of their nuclear plants.

Partnering with BWXT for this important motor work is critical to ensuring the life extension and operation through 2064, said Mike Rencheck, Bruce Powers president and CEO. Planning and preparation is key to our continued on-time and on-budget performance since January 2016 when our life extension program was started. Suppliers like BWXT and their performance are critical to our success; its a team effort.

Nuclear energy plays a significant role to Ontarios economy and it is great to see the positive effects of Bruce Powers life extension project being felt right here in Peterborough, said Jeff Leal, Member of Provincial Parliament. Throughout its program to extend the life of six of its reactors, Bruce Power will inject billions into Ontarios economy and generate thousands of jobs.

Bruce Power supplies 30% of Ontarios electricity at 30% less than the average cost to generate residential power. Extending the operational life of the Bruce Power units to 2064 will create and sustain 22,000 direct and indirect jobs every year, create $4 billion in annual Ontario economic benefit, and will ensure low-cost, clean and reliable energy for Ontario families and businesses.

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 Bruce Power contract. 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 BWXTs 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 Nuclear Energy Canada Inc.

BWXT Nuclear Energy Canada Inc. (BWXT NEC), a subsidiary of BWXT Canada Ltd., has more than 60 years of extensive experience and innovation in the supply of nuclear fuel and fuel channel components, services, equipment and parts for the CANDU nuclear power industry. This includes designing and supplying highly reliable nuclear equipment to fuel, inspect and refurbish reactors. BWXT NEC employs approximately 350 skilled employees at three locations in Ontario: Peterborough, Toronto and Arnprior. Learn more at http://www.nec.bwxt.com.

About Bruce Power

Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Learn more at http://www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.

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BWXT Nuclear Energy Canada Awarded CA$34 Million Contract for Primary Heat Transport Motors - Business Wire (press release)