PASCAGOULA, Miss., June 30, 2016 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Ingalls Shipbuilding division has been selected to build the U.S. Navy’s next large-deck amphibious assault warship, LHA 8. Today’s contract value, for the planning, advanced engineering and procurement of long-lead material, is $272,467,161. The award includes options that, if exercised, would bring the cumulative value of the contract to $3.1 billion.
“This award adds to the successful amphibious shipbuilding legacy at Ingalls since the 1950s,” said Ingalls Shipbuilding President Brian Cuccias. “Our shipbuilders have proven this success by delivering 14 vital and capable large-deck warships to our nation’s amphibious fleet. This contract shows the Navy’s confidence in our ability to build these ships to the highest-quality standards and to do so affordably for the American taxpayers. We look forward to delivering another great ship.”
A photo accompanying this release is available at: http://newsroom.huntingtoningalls.com/file?fid=57726ce92cfac21e76b143aa.
Ingalls is currently the sole builder of large-deck amphibious ships for the Navy. The shipyard delivered its first amphibious assault ship, the Iwo Jima-class USS Tripoli (LPH 10), in 1966. Ingalls has since built five Tarawa-class (LHA 1) ships, eight Wasp-class (LHD 1) ships and the first in a new class of amphibious assault ships, America (LHA 6), in 2014. The second ship in that class, Tripoli (LHA 7), is currently under construction and scheduled to launch next summer.
“We appreciate the partnerships we continue to have with the Navy/Marine Corps team,” Cuccias said. “We are also proud of the support we get from a large, nationwide industrial base of suppliers, who remain an essential ingredient to the construction of these capable and survivable amphibious warships.
“Ingalls operates in an 800-acre shipbuilding facility that is optimized to build several classes of complex ships simultaneously,” Cuccias said. “As Mississippi’s largest manufacturing employer, we also appreciate the stable partnership we’ve had with the state and the investments they’ve made in our success throughout our nearly 80 years in Pascagoula.”
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.
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Source:Huntington Ingalls Industries, Inc.