NEWPORT NEWS, Va., Oct. 25, 2012 (GLOBE NEWSWIRE) — Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding (NNS) division was awarded a cost-plus-fixed-fee, level-of-effort contract option valued at $142.7 million from the U.S. Navy. The contract option is for work on operational and decommissioning U.S. Navy submarines, conversion submarines, special mission submersibles, submarine support facilities and related programs.

NNS is the prime contractor for the work, which will include engineering, design, configuration management, integrated logistic support, database management, research and development, modernization and industrial support. Work is expected to begin immediately and continue through September 2013.

“No one will take better care of these products than we will,” said Jennifer Boykin, NNS’ vice president, engineering and design. “These ships represent the very best of American craftsmanship and innovation, and the pride that goes into their construction will continue during their maintenance to ensure that the Navy is equipped with the very best.”

NNS is one of only two U.S. shipyards capable of building nuclear-powered submarines and has completed more than 200 ship repair projects for the U.S. government since the early 1990s, ranging from paint repair to complete hull and machinery renovation.

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 costs and perform effectively; risks related to our spin-off from Northrop Grumman (including our increased costs and leverage); our ability to realize the expected benefits from consolidation of our Gulf Coast facilities; natural disasters; adverse economic conditions in the United States and globally; 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.

About Huntington Ingalls

Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. Employing more than 37,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding. For more information, visit: