BWX Technologies subsidiary Nuclear Fuel Services has received roughly $141.7 million in first-quarter contract options from the U.S. Naval Nuclear Propulsion Program for nuclear submarine and aircraft carrier fuel production, development, and decommissioning operations, the company announced last week.
BWXT said it has already begun this contract work, with the majority scheduled for completion throughout the rest of this year. Nuclear Fuel Services manufactures naval nuclear fuel for U.S. nuclear-powered submarines and aircraft carriers, having served as the sole provider of the material for decades.
The company announced in April 2016 that the naval nuclear propulsion program awarded contracts to two of its subsidiaries – Nuclear Fuel Services and the Nuclear Operations Group – worth roughly $3.1 billion, with options. It said at the time it had received $1.2 billion of the award in 2016 and would receive the rest this year and next.
BWXT also said last year that the National Nuclear Security Administration had awarded Nuclear Fuel Services a $241.5 million contract to downblend 10.4 metric tons of highly enriched uranium for use as commercial nuclear reactor fuel. The work under this contract is expected to continue through early 2019.
The company is scheduled to release its first-quarter earnings after the market closes Monday, followed by the earnings conference call Tuesday morning.
