NEWPORT NEWS, Va., Feb. 01, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) was awarded a $25.5 million modification to an existing advance planning contract in support of advance fabrication of the aircraft carrier Enterprise (CVN 80) on Tuesday. The initial structural fabrication and shop work on the third Gerald R. Ford-class carrier will be performed at the company’s Newport News Shipbuilding division through March 2018.
“This award authorizes us to begin fabrication of structural components, sub-components, sub-units and pre-assemblies in our manufacturing shops to support the 2018 construction of Enterprise,” said Mike Shawcross, Newport News’ vice president, CVN 79 and CVN 80 construction. “This is an important step in getting this next Ford-class ship off to a great start, as it allows us to continue implementation of lessons learned, and the initial steel work will allow us to utilize our aircraft carrier steel production line in an efficient manner.”
HII shipbuilders have captured thousands of lessons learned and developed new build approaches during construction of Gerald R. Ford (CVN 78), most of which are being implemented as cost-saving initiatives in building the second ship in the class, John F. Kennedy (CVN 79). These initiatives will also apply to Enterprise, and HII will work with the Navy to identify additional cost-saving initiatives for future Ford-class carrier construction.
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:
- 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.