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Stock Market & Financial Investment News

News Breaks
February 5, 2013
08:31 EDTBWCBabcock & Wilcox announces $510M in contracts supporting U.S. defense programs
The Babcock & Wilcox Company announced that its subsidiary, Babcock & Wilcox Nuclear Operations Group, was awarded contracts totaling more than $510M for the manufacture of nuclear components to support U.S. defense programs including the manufacture of naval nuclear power systems for submarines and aircraft carriers. The entire amount was appropriated in the fourth quarter of 2012. Of this work, more than $445M was issued as options under the $2B contract awarded to B&W NOG in 2010 and more than $65M is issued under a new agreement awarded for fiscal year 2013.
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April 14, 2014
08:40 EDTBWCB&W announces restructuring of Small Modular Reactor program
Babcock & Wilcox is announcing plans to restructure its mPower Small Modular Reactor program to focus on technology development. B&W continues to believe in the strength of the mPower technology, but without the ability to secure significant additional investors or customer Engineering, Procurement and Construction contracts to provide the financial support necessary to develop and deploy mPower reactors, the current development pace will be slowed. B&W notified the U.S. Department of Energy of its plans for reduced spending, indicating it would work with the DOE and other stakeholders during the next one to two months to confirm the best path to develop a mutually agreeable plan including program milestones for continuing the cost-shared industry partnership program. B&W expects to invest up to $15M annually, beginning in 3Q14.

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