NEWPORT NEWS, Va., July 03, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division has been awarded a $219 million modification to a previously awarded contract to execute maintenance and modernization efforts on the submarine USS Columbus (SSN 762).
Contract work includes maintenance, repair, alterations, testing and routine work on the ship’s hull structure, tanks, propulsion systems, electric plant, auxiliary systems, armament and furnishings. Work will begin immediately and is expected to be completed in August 2019.
“This contract modification provides us the opportunity to work our first Los Angeles-class engineered overhaul availability at Newport News Shipbuilding,” said Matt Needy, Newport News’ vice president for submarines and fleet support. “We are excited about the opportunity to work closely with the Navy and the crew of the USS Columbus to complete this important availability and re-deliver her to the fleet on time.”
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 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 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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