BWXT Expands Service Offerings with Owner's Engineer Contract at Bulgaria's New Kozloduy Nuclear Power Plant Units 7 & 8

BWX Technologies, Inc. (NYSE:BWXT) announced today that it will provide Owner's Engineer (OE) services at Bulgaria's New Build Kozloduy Nuclear Power Plant, Units 7 & 8, as part of a three-party consortium. The other parties are Laurentis Energy Partners and its subsidiary Canadian Nuclear Partners S.A. The full contract spans approximately ten years and is valued at hundreds of millions of euros.

The Bulgarian government is proposing to build two Westinghouse AP1000 nuclear power units at the Kozloduy site, which is currently home to two VVER-1000 nuclear reactors. The first AP1000 unit is scheduled to begin producing electricity by 2035.

As Owner's Engineer, BWXT and the consortium will bring more than 70 years of experience in executing large, high-consequence nuclear energy projects, from design to construction to operation, including decommissioning. The OE will serve as a crucial partner in the development and management of the Kozloduy Nuclear Power Plant Project. Balancing technical oversight with rigorous safety and quality control, the OE team will act as an extension of the plant owner's organization, ensuring that the project aligns with the owner's objectives, safety standards and regulatory requirements.

Under the first phase of the contract, which will last approximately 12 months, the consortium will support Kozloduy NPP New Builds Plc with front-end services, such as Engineering, Procurement and Construction contract negotiations and constructability reviews, ahead of a potential Final Investment Decision. Assuming a Final Investment Decision is reached, the second phase of the contract will provide engineering services throughout the execution of the project.

"Our country has secured leading international partners with proven experience across the full nuclear lifecycle, from design through commissioning," said Zhecho Stankov, Bulgaria's Minister of Energy. "This project is an investment not only in our long-term energy security, but also in the strength of Bulgarian industry. Thirty percent of the specialists working on the project will be Bulgarian experts, providing our workforce with new knowledge, advanced technologies, and meaningful growth opportunities."

"Ontario is solidifying Canada's global leadership in clean, emissions-free nuclear power and the world is watching," said Stephen Lecce, Minister of Energy and Mines. "This partnership will see Ontario's leadership cross the ocean to support Bulgaria's large-scale nuclear expansion to deliver reliable, affordable power to their country, while protecting our economy here at home."

"This is another key step in the implementation of the new nuclear capacity in Bulgaria. The companies have many years of experience in providing these services, which guarantees that the project will be completed on time, within budget, and in full compliance with regulatory standards," said Petyo Ivanov, Executive Director of Kozloduy NPP New Builds Plc.

"BWXT has significant experience successfully supporting execution of large projects in the nuclear industry including the refurbishments for Bruce Power and Ontario Power Generation," said John MacQuarrie, BWXT's president for Commercial Operations. "Our customers recognize that experience, and we are excited to leverage our technical capabilities in support of this important AP1000 development to help Bulgaria meet its energy security needs."

"Laurentis's foundation is built on decades of experience supporting CANDU technology, but our project-management, technical, and Owner's Engineer expertise are highly transferable across reactor types and technologies," said Leslie McWilliams, President and CEO, Laurentis Energy Partners. "This contract reflects the confidence placed in Canadian nuclear capability for complex new-build programs. We're honored to work alongside our partners in supporting Bulgaria's long-term clean-energy goals and strengthening the country's energy security for generations to come."

"As CNPSA continues to expand its footprint across Europe, we are committed to providing the highest level of technical expertise and operational insight," said Giovanbattista Patalano, Managing Director, Canadian Nuclear Partners S.A. "Supporting the Kozloduy New Build and the Bulgarian nuclear program reinforces our role as a trusted partner for complex nuclear projects, ensuring safe, efficient, and well-managed execution throughout the lifecycle of these new units."

The Owner's Engineer team will play a pivotal role in safeguarding the project's technical integrity, regulatory compliance and overall success. The consortium includes BWXT and industry experts with mega-scale project and prior AP1000 project delivery experience at plants in China and the U.S.

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 contract to perform Owner's Engineer services at Bulgaria's Kozloduy Nuclear Power Plant, future work at the Kozloduy site, and the award or exercise of any contract options or orders. 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 BWXT's annual report on Form 10-K for the year ended December 31, 2024, 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. A U.S.-based company with nearly 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. In addition, BWXT and its industry partners support the U.S. Department of Energy and National Nuclear Security Administration across numerous sites. For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.

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