(LYNCHBURG, Virginia – May 18, 2020) – A team led by a subsidiary of BWX Technologies, Inc. (NYSE: BWXT) has been awarded the Tank Closure Contract (TCC) at the U.S. Department of Energy’s (DOE) Hanford Site. The total estimated value of the contract is up to approximately $13 billion over a 10-year period.

The DOE announced the award of the contract to Hanford Works Restoration, LLC (HWR), which is a joint venture within BWXT and Fluor Corporation. The team includes two pre-selected small businesses, DBD and INTERA, who provide specialized modeling and regulatory expertise, respectively.

“This contract award demonstrates that BWXT’s nuclear operations and waste management capabilities are key differentiators for Hanford’s programs that are of critical importance to the nation and the State of Washington,” said Rex D. Geveden, BWXT’s president and chief executive officer. “Along with Fluor and our teaming subcontractors, we look forward to getting results under the DOE’s end state contracting model by working together with our customer, regulators, employees and stakeholders.”

HWR has been selected to provide services for the transition from the current Tank Operations Contract to the TCC; operations and maintenance of the single-shell and double shell tank farms including volume management and secondary waste treatment facilities; completion of construction and operations and maintenance of equipment necessary to pretreat and feed low-level waste to the low-activity waste vitrification facility; and single-shell tank waste remediation and closure to support the Hanford Site environmental cleanup.

Established in 1943, the Hanford Site's original mission was to produce plutonium for national defense. Operations to make the raw materials for nuclear weapons continued until the late 1980s. In 1989, Hanford's mission shifted from production of weapons material to waste management and environmental cleanup.

More information is available from the DOE’s Office of Environmental Management here.

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 TCC, future work at the Hanford site, or the award or exercise of any contract options. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract. 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, 2019 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

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,600 employees, BWXT has 12 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 at @BWXTech and learn more atwww.bwxt.com.

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