Huntington Ingalls Industries Awarded Navy Contract for Submarine Repair Work
30 September 2016 - 7:40AM
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.
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:
- 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 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 Miller
Christine.Miller@HII-co.com
(757) 380-3581
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