NEWPORT NEWS, Va., June 5, 2015 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) received a $3.35 billion contract award for the detail design and construction of the nuclear-powered aircraft carrier John F. Kennedy (CVN 79), the second ship in the Gerald R. Ford class of carriers. The work will be performed at the company's Newport News Shipbuilding division. The company also received a $941 million modification to an existing construction preparation contract to continue material procurement and manufacturing in support of the ship.
Contract work includes ship construction, ship design activities, engineering services, procurement of materials and hardware to support construction and logistics activities.
"These awards are important, not only for the shipbuilders at Newport News Shipbuilding, but for the thousands of suppliers nationwide who provide the steel, pipe, cable, paint and equipment that goes into this cutting-edge defense platform—and for the sailors who will sail her," said Mike Shawcross, Newport News Shipbuilding's vice president, John F. Kennedy carrier construction. "We look forward to continuing to implement lessons learned from the first-of-the-class ship, Gerald R. Ford, in the construction of Kennedy and delivering the next great carrier to the Navy."
John F. Kennedy's first steel was cut in December 2010. Since then, more than 450 of the ship's 1,100 structural units have been constructed under a construction preparation contract that will be used to start erecting the ship's hull. The ship's keel-laying ceremony is scheduled for Aug. 22.
John F. Kennedy will continue the legacy of highly capable U.S. Navy nuclear-powered aircraft carrier platforms. Ford-class enhancements incorporated into the design include flight deck changes, improved weapons handling systems and a redesigned island, all resulting in increased aircraft sortie-generation rates. The Ford class also features new nuclear power plants, increased electrical power-generation capacity, allowance for future technologies, and reduced workload for sailors, translating to a smaller crew size and reduced operating costs for the Navy.
About Huntington Ingalls Industries
Huntington Ingalls Industries is America's largest military shipbuilding company and a provider of manufacturing, engineering 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:
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.
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