NEWPORT NEWS, Va., Dec. 21, 2011 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding (NNS) division has received a $113 million contract from the U.S. Navy to continue ship and propulsion plant design engineering and engineering services for the aircraft carrier John F. Kennedy (CVN 79).
"This award allows us to continue focusing our efforts on what we do best, and that's designing and building superior warships," said Mike Shawcross, NNS' vice president for John F. Kennedy (CVN 79). "We are very pleased to continue preparing for the construction of John F. Kennedy. This funding will allow us to capture lessons learned from Gerald R. Ford and apply them to the next ship in the class to most efficiently and cost-effectively build this great ship for our nation."
John F. Kennedy is the second ship in the Gerald R. Ford class, the Navy's latest class of nuclear-powered aircraft carriers. The ship's first steel was cut in December 2010. Once a construction contract is awarded, the current schedule provides for full construction on John F. Kennedy to begin in early 2013 with delivery to the U.S. Navy scheduled for 2020.
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our costs and perform effectively; risks related to our spin-off from Northrop Grumman (including our increased costs and leverage); our ability to realize the expected benefits from consolidation of our Gulf Coast facilities; natural disasters; adverse economic conditions in the United States and globally; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements.
About Huntington Ingalls
Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. Employing more than 37,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding. For more information, visit: