Its 2 sealed cartridge bearings sandwiching the axle and pressed directly into the frame. Removal is simple, refitting less so without correct tools. To remove, just hit one side of the axle with a soft faced hammer, it should come out along with the bearing on the opposite side which you can now remove. The bearing on the side you hit it from will hopefully remain in place rather than being driven further into the shell.
Theoretically you should be able to drift the new axle into the bearing in the frame then tap the other one back over the axle/into the frame. As I fount many years ago, what will probably happen is that the axle will force the bearing in the frame out as it goes in. I used a combinantion of huge g clamps, bits of pine, sockets and swearing. There is a diagram of a homemade tool on here somewhere which should make it a lot easier.
For what it's worth my LBS weren't too keen on doing the job recently, in fact they weren't aware that type of bb fitment existed!