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.
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 35,000 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.