NEWPORT NEWS, Va., Dec. 19, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division was awarded a contract from General Dynamics Electric Boat worth up to $468 million to begin work on integrated product and process development for the U.S. Navy’s new Columbia-class submarines.
The Navy awarded a $5 billion detailed design contract to General Dynamics Electric Boat on Sept. 21. Newport News Shipbuilding is the subcontractor for the new class of ballistic-missile submarines that are being designed to replace the Ohio-class submarines.
The contract work, which began on Oct. 1, allows for the completion of the design and also includes engineering analysis, component development, detail planning and technical services. Construction of the 12-submarine Columbia class is expected to begin in fiscal year 2021, with the first delivery to the Navy in 2028.
“This contract leverages the productive partnership we’ve built with Electric Boat in the construction of Virginia-class submarines,” said Dave Bolcar, vice president of submarine programs at Newport News Shipbuilding. “We are excited and ready to do our part to support EB and deliver these submarines to the Navy in an efficient and cost-effective manner.”
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.