BWXT Receives Major Government Contract Awards; Negotiates $1.7 Billion Agreement
30 März 2007 - 12:30PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (�McDermott�) announced
today that its subsidiary, BWX Technologies, Inc. (�BWXT�), has
received recent awards of several major U.S. Government contracts.
The awards, valued together in excess of $320 million, are for the
manufacture of nuclear components in support of U.S. defense
programs. In addition, this series of awards is the first under a
negotiated set of orders totaling $1.7 billion, which are
anticipated to be awarded in total by 2009. The multiple-award
approach gives the Government cost predictability while providing
BWXT with additional financial incentives based on performance.
"The multi-award agreement is a true win-win," said Winfred D.
Nash, President of BWXT Nuclear Operations Division. "With
additional assurances of project costs, the Government can proceed
with platform deployment to continue meeting national security
needs at budgeted costs. At the same time, BWXT can improve
profitability by achieving certain performance measures. The
contract awards reflect both BWXT's ongoing commitment to U.S.
Government programs and the Government�s continued confidence in
our abilities to meet its needs with products of unquestioned
reliability." BWXT, headquartered in Lynchburg, Virginia, supplies
nuclear operations services and products to the U. S. Government
and commercial clients. BWXT also manages complex production
facilities and advanced energy products. Among its diverse
capabilities are decontamination and decommissioning, waste
management, engineering, and project management services. McDermott
is an engineering and construction company, with specialty
manufacturing and service capabilities, focused on energy
infrastructure. McDermott�s customers are predominantly utilities
and other power generators, major and national oil companies, and
the United States Government. With its global operations, McDermott
operates in over 20 countries with more than 20,000 employees, and
can be found on the internet at www.mcdermott.com. In accordance
with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, McDermott International Inc.
cautions that statements in this press release which are
forward-looking and provide other than historical information
involve risks and uncertainties that may impact McDermott�s actual
results of operations. The forward-looking statements in this press
release include, among other things, the value and anticipated
timing of the awards. Although McDermott�s management believes that
the expectations reflected in those forward-looking statements are
reasonable, McDermott can give no assurance that those expectations
will prove to have been correct. Those statements are made based on
various underlying assumptions and are subject to numerous
uncertainties and risks, including without limitations change
orders and other modifications to contracts. If one or more of
these risks materialize, or if underlying assumptions prove
incorrect, actual results may vary materially from those expected.
For a more complete discussion of these risk factors, please see
McDermott�s annual report for the year ended December 31, 2006
filed with the Securities and Exchange Commission.
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