HII Awarded $49.6 Million Contract to Begin Planning for Work on USS George Washington (CVN 73)

By GlobeNewswire,  August 01, 2014, 05:37:00 PM EDT


NEWPORT NEWS, Va., Aug. 1, 2014 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division has received a $49.6 million contract to begin planning for work on the nuclear-powered aircraft carrier USS George Washington (CVN 73). The contract is for 12 months and includes planning, engineering and shipboard inspections for work associated with the defueling of the ship.

"We are pleased to be able to begin planning for the defueling of CVN 73," said Chris Miner, Newport News Shipbuilding's vice president, in-service aircraft carrier programs. "We hope this award is a first step toward the highly anticipated full award of the RCOH planning contract."

The USS George Washington is the sixth Nimitz-class carrier built by Newport News and the fourth Navy ship to be named after the first president of the United States. If approved, CVN 73 will be the sixth ship of the class to undergo a RCOH, a major life-cycle milestone.

Huntington Ingalls Industries designs, builds and manages the life-cycle of the most complex nuclear and conventionally-powered ships for the U.S. Navy and Coast Guard. 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 also provides engineering and project management services expertise to the commercial energy industry, the Department of Energy and other government customers. Headquartered in Newport News, Virginia, HII employs more than 39,000 people operating both domestically and internationally. For more information, visit:

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.

CONTACT: Christie MillerChristine.Miller@HII-co.com
         (757) 380-3581

Source: Huntington Ingalls Industries, Inc.

This article appears in: News Headlines

Referenced Stocks: HII


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