Charlotte, N.C.-based Babcock & Wilcox (NYSE:BWXT) has won a $366 million contract from the U.S. Navy, the company announced Tuesday.

The contract, which requires B&W to supply nuclear propulsion components to the U.S. Naval Reactors Program for use in nuclear-powered warships, will be performed over the course of the next six years. So while the contact is quite sizable -- amounting to 11% of the company's $3.3 billion in annual revenues -- it will not be performed, or paid for, all in one lump sum.

A full $75 million in work is required immediately, with the balance spaced through contract-completion in 2019. The components in question will be used in nuclear-powered U.S. Navy submarines and aircraft carriers.