NEWPORT NEWS, Va., Aug. 18, 2015 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division has been awarded a $57.8 million contract to perform planning in support of maintenance and modernization efforts on the submarine USS Columbus (SSN 762). If all contract options are exercised, the total value of the work would be $288 million.
Contract work will include maintenance and restoration of the ship's hull structure, tanks, propulsion systems, electric plant, auxiliary systems, armament and furnishings, as well as numerous ship alterations. Work will begin immediately and is expected to be completed in May 2019.
"Modernization and maintenance of our nation's submarines is vital to the readiness of our Navy partner," said Jim Hughes, Newport News Shipbuilding's vice president, submarines and fleet support. "We look forward to doing our part to provide these services with the highest quality, on budget and on schedule."
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 engineering, manufacturing and management services to the nuclear energy, oil and gas 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, Virginia, HII employs approximately 38,000 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.