NEWPORT NEWS, Va., Feb. 9, 2015 (GLOBE NEWSWIRE) -- Stoller Newport News Nuclear (SN3), a subsidiary of Huntington Ingalls Industries (NYSE:HII), has begun field mobilization as part of a fixed unit rate contract awarded by CH2M Hill Plateau Remediation Company on Dec. 30, 2014. The contract is valued at up to $2 million. SN3, a full-service nuclear operations and environmental services company, was created in January when HII merged its S.M. Stoller Corp. and Newport News Nuclear subsidiaries.
SN3 supports CH2M Hill's groundwater and soil characterization efforts at the Hanford Site in Washington state by providing spectral gamma, neutron moisture and other specialized logging services. Prior to its consolidation with Newport News Nuclear, Stoller provided these services at the Hanford Site since October 2006. SN3 will execute the new contract through FY 2017 with an option year valued at approximately $1.4 million.
In the 1940s, the Hanford Site was used to produce plutonium for weapons production processes that left solid and liquid wastes, posing a risk to the local environment. In 1989, the U.S. Department of Energy, Environmental Protection Agency and Washington State Department of Ecology entered into a legally binding accord, the Tri-Party Agreement, to clean up the Hanford Site.
"Stoller Newport News Nuclear is proud to continue supporting the clean-up efforts at the Hanford Site," said Pete Diakun, vice president, energy programs, at HII's Newport News Shipbuilding division. "This characterization and monitoring work is an essential component of ensuring protection of workers, the public and the environment."
Huntington Ingalls Industries is America's largest military shipbuilding company and a provider of manufacturing, engineering and management services to the commercial and non-commercial oil, gas and energy 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, Va., HII employs approximately 38,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com.
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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.