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News Releases

B&W Announces $428 Million Department of Energy Contract

09 December 2010

The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that Babcock & Wilcox Conversion Services, LLC (BWCS) was awarded a five-year, $428 million contract by the U.S. Department of Energy (DOE) for uranium conversion operations at the Paducah Gaseous Diffusion Plant and the Portsmouth Gaseous Diffusion Plant.

"We appreciate the Department of Energy awarding us this contract, which will further expand our portfolio of nuclear services," said B&W TSG President S. Robert Cochran. "We look forward to working at Paducah and Portsmouth with the same high standards of safety and operational rigor that we apply throughout the company and have demonstrated at the other government sites we operate."

B&W subsidiary Babcock & Wilcox Technical Services Group, Inc. (B&W TSG) and URS have formed BWCS as the operations contractor at both locations. B&W TSG is the majority partner in BWCS. BWCS will operate the depleted uranium hexafluoride (known as DUF6) conversion facilities at the two sites. BWCS will also establish a corporate project management office in Lexington, Ky., to facilitate ease of interactions with the DOE and the Paducah and Portsmouth Project Offices. These conversion facilities were designed and built to convert DOE's inventory of DUF6 to a more stable uranium oxide form (UOx) that can be characterized as acceptable for transportation and disposal. BWCS will also provide continuing cylinder surveillance and maintenance services for the inventory of DUF6, low-enrichment uranium hexafluoride (UF6), normal UF6, and other cylinders.

About B&W

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.

About URS Corporation

URS Corporation (NYSE: URS) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; and decommissioning and closure services. URS provides services for power, infrastructure, industrial and commercial, and federal projects and programs. Headquartered in San Francisco, URS Corporation has approximately 46,500 employees in a network of offices in more than 40 countries (www.urs.com).

Cautionary Statement Regarding Forward Looking Statements

B&W cautions that this release contains forward-looking statements, including statements relating to the scope, timing and value of the conversion contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, changes in the scope of the contract, including cancelation, and delays or other difficulties executing on our contracts in backlog. If one or more of these or other risks materialize, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see B&W's filings with the Securities and Exchange Commission, including our registration statement on Form 10, as amended. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.