The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that it is in discussions with Toshiba Group (Toshiba) to provide nuclear technical assistance and services to secure and maintain the safety of the nuclear power plants at Fukushima Daiichi in Japan. The scope of work has not yet been defined. Toshiba is helping the Japanese Government and Tokyo Electric Power Co., Ltd. (TEPCO), the operator of the Fukushima power plants, to restore and maintain the safety of the affected nuclear power plants and to reinstate power in the region hit by the earthquake and tsunami. (For more information, see Toshiba’s news release.) “We are saddened by the loss of life and devastation that has occurred as a result of the earthquake and tsunami in Japan. Our thoughts are with those affected by this tragedy as well as those who continue to recover from its aftermath,” said B&W President and CEO Brandon C. Bethards. “B&W is prepared to support Toshiba’s efforts to stabilize the Fukushima Daiichi nuclear power units.” B&W has no operations in Japan; however, it continues to closely monitor the events. At this time, the Company has had no adverse impact to its supply chain or in its ability to meet commitments to its customers. “Nuclear power plays an important role in the current and future energy picture,” Bethards said. “There will be lessons learned from this event, and as appropriate, the industry will incorporate those lessons to make nuclear an even safer energy source.” About The Babcock & Wilcox Company Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,000 people, in addition to approximately 10,000 joint venture employees. Learn more at www.babcock.com . Cautionary Statement B&W cautions that this release contains certain forward-looking statements regarding expectations for nuclear power and the nuclear power industry. These forward-looking statements involve a number of risks and uncertainties, including, among other things, difficulties implementing safety improvements for nuclear energy or adverse changes within the nuclear power industry. For a more complete discussion these and other risk factors, please see B&W’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K. Other than historical information, B&W cautions that statements made in this release speak only as of the date hereof, and undertakes no obligation to update or revise any statement, except to the extent required by applicable law.
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