McDermott (NYSE:MDR)
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From Jul 2019 to Jul 2024
McDermott International, Inc. (NYSE:MDR) (“McDermott”)
announced today that its subsidiary, BWX Technologies, Inc. (“BWXT”),
has been selected to manufacture components to be used in USEC Inc.’s
(NYSE:USU) American Centrifuge Plant in Piketon, Ohio.
BWXT was selected for this work because of its extensive experience with
the design and cost-effective manufacturing of nuclear components and
classified machinery. Boeing was previously performing this work; the
transition from Boeing to BWXT will occur in late 2007, and the contract
is expected to continue through 2012.
“BWXT is pleased to offer its years of
manufacturing expertise to the uranium enrichment program, and we are
looking forward to working on this initiative,”
said John A. Fees, chief executive officer of The Babcock & Wilcox
Companies. “The work being performed by USEC
is helping to create a solution for the country’s
emerging energy needs, and we are excited to be a part of it.”
Working with the customer, BWXT will manufacture components and
machinery for centrifuge machines that will be used in support of USEC’s
Lead Cascade and commercial plant. This includes tight-tolerance,
high-consequence components essential for the operation of the
centrifuge machines. BWXT, a wholly-owned subsidiary The Babcock &
Wilcox Companies, will also be responsible for providing the facility
modifications necessary to support production ramp-up and certain rotor
balancing tasks. BWXT will work to incorporate cost reduction
initiatives and lean manufacturing processes into the commercial plant
design.
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, statements in this press release which
are forward-looking and provide other than historical information
involve risks and uncertainties that may adversely impact the
expectations expressed in these forward-looking statements. The
forward-looking statements in this press release include the scope of
the work to be performed for USEC. Those statements are made based on
various underlying assumptions and are subject to numerous uncertainties
and risks, including without limitation, USEC’s
ability to secure required private or government funding of its uranium
enrichment programming. If this or other risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. For a more complete discussion of these
and other risk factors, please see McDermott's annual report for the
year ended December 31, 2006 filed with the Securities and Exchange
Commission.