OilVoice - B&W Subsidiary Completes Acquisition of Nuclear Fuel Services

B&W Subsidiary Completes Acquisition of Nuclear Fuel Services

06 January 2009

McDermott International, Inc. announces today that an affiliate of its subsidiary, The Babcock & Wilcox Company (“B&W”), has completed the previously announced acquisition of Nuclear Fuel Services, Inc. (“NFS”), a provider of specialty nuclear fuels and related services. This acquisition enhances B&W's position as a leading provider of nuclear manufacturing and services for government and commercial markets.

Located in Erwin, Tennessee, NFS is a leader in the conversion of Cold War-era government stockpiles of highly enriched uranium into commercial nuclear reactor fuel. The company also operates a fuel production facility to support America’s fleet of nuclear-powered submarines and aircraft carriers. With approximately 700 employees, NFS owns and operates a nuclear fuel fabrication facility licensed by the U.S. Nuclear Regulatory Commission.

“We are pleased to close this transaction and welcome the employees of NFS to our company,” said Brandon Bethards, Chief Executive Officer of B&W. “NFS expands our nuclear offerings and is a great addition to our operations. We are excited about the opportunities this acquisition will bring and our plans to capitalize upon them.”

B&W will continue NFS’ existing activities at the Erwin facility, as well as pursue new business opportunities that complement its capabilities. NFS will operate as a wholly-owned, indirect subsidiary of B&W.

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