NEWPORT NEWS, Va., Feb. 29, 2016 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division has received a contract option from the U.S. Navy to assist with planning for the refueling and complex overhaul (RCOH) of the aircraft carrier USS George Washington (CVN 73).
The $185.2 million contract option funds the continuation of planning, long-lead-time material procurement, shop fabrication, shipboard inspections and facilities readiness for the upcoming RCOH in 2017. The planning work will be performed at Newport News.
“The company looks forward to our continued partnership with the Navy as we complete the planning efforts in support of the start of the RCOH next summer,” said Chris Miner, Newport News’ vice president of in-service aircraft carrier programs. “This contract award allows the continued planning for all the work associated with a full RCOH, which underscores the Navy’s continued commitment to ensuring this great national asset remains in the fleet and operational for another 25 years.”
An RCOH is a full recapitalization of the ship that represents greater than 35 percent of all maintenance and modernization in an aircraft carrier’s 50-year service life. Work includes the refueling of the ship’s reactors, as well as extensive modernization work to more than 2,300 compartments, 600 tanks and hundreds of distributive systems. In addition, major upgrades are made to the ship’s food service areas, aircraft launch and recovery systems, combat systems and the ship’s island. The support of about 3,700 shipbuilders from all areas of the company, including engineering, planning, supply chain, the shops and trades is required to successfully accomplish an RCOH.
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 nearly 36,000 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 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 procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural disasters; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed herein and in our filings with the SEC. 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.