BWX Technologies announced a ten‑year Owner’s Engineer (OE) agreement for the new Westinghouse AP1000 reactors at Bulgaria’s Kozloduy Nuclear Power Plant, Units 7 and 8. The contract, valued at several hundred million euros, is part of a consortium that also includes Laurentis Energy Partners and Canadian Nuclear Partners S.A. The agreement will span roughly a decade, with Phase 1 covering pre‑Final Investment Decision activities and Phase 2 extending through design, construction, and commissioning.
The new units are slated to come online in 2035 (Unit 7) and 2037 (Unit 8), following a final investment decision expected in the second half of 2026. The consortium’s composition brings together BWX’s expertise in nuclear engineering and project management, Laurentis’s experience in large‑scale power projects, and CNPSA’s track record with AP1000 deliveries. The partnership positions the group to deliver a high‑margin, long‑term revenue stream for BWX while supporting Bulgaria’s goal of enhancing energy security and advancing its low‑carbon transition.
BWX’s Q3 2025 earnings report underscored the company’s capacity to take on such a project. Revenue rose to $866.3 million, up 12% from the prior quarter, driven by strong demand in both Government Operations and Commercial Operations segments. Non‑GAAP earnings per share reached $1.00, a $0.24 beat over consensus, largely due to disciplined cost management and a favorable mix of high‑margin contracts. The company’s record backlog of $7.4 billion and raised full‑year guidance reflect confidence in sustained demand for nuclear solutions across defense, clean‑energy, and medical markets.
Management highlighted the contract’s strategic fit: “The Kozloduy engagement exemplifies our focus on high‑value, long‑term projects that leverage our engineering capabilities and reinforce our position in the global nuclear new‑build market,” said CEO Rex D. Geveden. The deal aligns with BWX’s broader strategy to expand its international portfolio and capitalize on the growing demand for low‑carbon nuclear power in Europe.
The contract’s ten‑year horizon and substantial value reinforce BWX’s long‑term revenue stability, while the consortium structure mitigates risk and enhances delivery capability. For investors, the deal signals continued confidence in BWX’s execution and its ability to secure high‑margin, multi‑year contracts that support the company’s growth trajectory.
The announcement also underscores Bulgaria’s commitment to energy diversification, with the Kozloduy expansion expected to add 2.4 GW of capacity and support the country’s goal of becoming a regional energy exporter.
Overall, the contract represents a significant milestone for BWX, strengthening its market position and providing a robust, high‑margin revenue stream that aligns with its strategic objectives and recent financial performance.
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