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PHOTO RELEASE--Ingalls Shipbuilding Awarded $88.2 Million Advance Procurement Contract for a Ninth NSC

PASCAGOULA, Miss., Aug. 30, 2016 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Ingalls Shipbuilding division today received an $88.2 million fixed-price contract from the U.S. Coast Guard to purchase long-lead materials for a ninth National Security Cutter (NSC).

“NSC 9 will build on the performance record of her predecessors in the Legend class,” said Ingalls Shipbuilding President Brian Cuccias. “Coast Guard leadership has stated these ships help fill a need to bolster front-line operations in the fight against crime, especially drug interdictions. Ingalls is proud and honored to be providing this most advanced fleet of cutters to enable the Coast Guard to perform its daily missions in protecting America’s shores.”

The advance procurement funds will be used to purchase major items for NSC 9, such as steel, the main propulsion systems, generators, electrical switchboards and major castings.

“This long-lead material contract gives our shipbuilders the ability to immediately start work on the ship in anticipation of the construction contract,” said Kari Wilkinson, Ingalls’ vice president of program management. “This advance procurement helps us get started on the next great ship in this program.”

Ingalls has delivered the first five NSCs, the flagship of the Coast Guard’s cutter fleet, designed to replace the 12 Hamilton-class High-Endurance Cutters, which entered service during the 1960s. Ingalls’ sixth NSC, Munro (WMSL 755), is scheduled for acceptance sea trials and delivery in the fourth quarter of 2016. The seventh ship, Kimball (WMSL 756), is scheduled to launch in the fourth quarter, and the keel for the eighth, NSC Midgett (WMSL 757), is scheduled to be laid later this year.

A photo of Munro on builder’s sea trials earlier this month is available at: http://newsroom.huntingtoningalls.com/file?fid=57a8cded2cfac21e75b6817a.

NSCs are 418 feet long with a 54-foot beam and displace 4,500 tons with a full load. They have a top speed of 28 knots, a range of 12,000 miles, an endurance of 60 days and a crew of 120.

The Legend-class NSC is capable of meeting all maritime security mission needs required of the High-Endurance Cutter. The cutter includes an aft launch and recovery area for two rigid hull inflatable boats and a flight deck to accommodate a range of manned and unmanned rotary wing aircraft. It is the largest and most technologically advanced class of cutter in the U.S. Coast Guard, with robust capabilities for maritime homeland security, law enforcement, marine safety, environmental protection and national defense missions. This class of cutters plays an important role in enhancing the Coast Guard’s operational readiness, capacity and effectiveness at a time when the demand for their services has never been greater.

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 procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural disasters; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; 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. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

Contact: Bill Glenn william.glenn@hii-co.com 228-935-1323

Source:Huntington Ingalls Industries, Inc.