NEWPORT NEWS, Va., Oct. 17, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division has received a $59.7 million contract from the U.S. Navy for planning and executing the overhaul of the submarine USS Boise (SSN 764). The contract includes options that, if exercised, would bring the total value of the contract to $385 million.
The contract is for work to be completed by 2021 at Newport News and will include planning for the maintenance, repair, alterations, testing and routine work during the submarine’s scheduled FY18 engineered overhaul.
“We are proud to do our part in helping reduce the Navy’s submarine fleet maintenance backlog, which enables them to increase the total number of attack submarines operationally ready for deployment,” said Matt Needy, Newport News’ vice president, Virginia-class submarine program and fleet services. “Our shipbuilders understand how important it is to the Navy and to our nation that these submarines are returned back into service on schedule and on budget.”
USS Boise (SSN 764) is a Los-Angeles class submarine and the second Navy boat to be named for Idaho’s capital. Newport News laid USS Boise’s keel in August 1988, and the submarine was delivered to the Navy in September 1992.
About Huntington Ingalls Industries
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. 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. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 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 estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; 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 obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.
© Huntington Ingalls Industries, Inc.