HUNTINGTON INGALLS INDUSTRIES AWARDED NAVY CONTRACT FOR SUBMARINE REPAIR WORK

NEWPORT NEWS, Va., Sept. 29, 2016 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division was awarded a multiple-award indefinite delivery, indefinite quantity contract to assist with repairs on in-service, nuclear-powered submarines, special mission submersibles, moored training ships and submarine support facilities.

A multiple-award indefinite delivery, indefinite quantity contract is a base contract that is issued to multiple awardees. The contract establishes the scope of services or goods that can be ordered against it, the order requirements and the maximum cost allowance during the life of the contract. This contract has a cumulative ceiling value of $400 million and is valid through Sept. 30, 2021. The contract includes overhaul, maintenance, repair, modernization upgrades, technical engineering support, supplies and services, and nuclear-related support.

“We are proud to continue our support of the U.S. Navy by providing them with a submarine fleet that is second to none,” said Matt Needy, Newport News’ vice president, submarines and fleet support, “and we appreciate the Navy’s confidence in Newport News Shipbuilding providing them with reliable submarine modernization in a timely and cost-effective manner.”

Newport News is one of only two U.S. shipyards capable of building nuclear-powered submarines and has a long history of performing ship repair projects for the U.S. government, ranging from paint repair to complete hull and machinery renovation.