NEWPORT NEWS, Va., July 17, 2015 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division was awarded a $106 million contract to provide engineering and industrial support on U.S. Navy submarines, special mission submersibles, submarine support facilities and related programs. If all options are exercised, the total value of the contract will be $564 million.
Work will include engineering, design, configuration management, integrated logistic support, database management, research and development, modernization and industrial support. Work will begin immediately and is expected to continue through September 2019.
"Receiving this contract allows Newport News Shipbuilding to continue decades of delivering the best engineering, design and logistics support for U.S. Navy submarines," said Jennifer Boykin, Newport News' vice president, engineering and design. "We look forward to providing continued support to the operational readiness of our nation's submarine force."
Newport News is one of only two U.S. shipyards capable of building nuclear-powered submarines and has completed hundreds of ship repair projects for the U.S. government, ranging from paint repair to complete hull and machinery renovation.
About Huntington Ingalls Industries
Huntington Ingalls Industries is America's largest military shipbuilding company and a provider of engineering, manufacturing and management services to the nuclear energy, oil and gas markets. For more than a century, HII's Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. Headquartered in Newport News, Virginia, HII employs approximately 38,000 people operating both domestically and internationally. For more information, visit:
- HII on the web: www.huntingtoningalls.com
- HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
- HII on Twitter: twitter.com/hiindustries
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 future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage; 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. You should not place undue reliance on any forward-looking statements that we may make.