HII AWARDED $142.7 MILLION CONTRACT FOR SUBMARINE ENGINEERING AND INDUSTRIAL WORK

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.