NEWPORT NEWS, Va., Feb. 4, 2015 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) was awarded a $224 million modification to an existing contract today for advanced planning of the refueling and complex overhaul (RCOH) of the aircraft carrier USS George Washington (CVN 73). The work will be performed at the company's Newport News Shipbuilding division.
The contract funds continued planning work for the RCOH as well as the procurement of long-lead materials, including items such as pumps, breakers, valves and steel to support fabrication of structural units.
"The company has worked closely with our Navy partners, performing ship checks and selected planning tasks associated with the defueling of the ship," said Chris Miner, Newport News Shipbuilding's vice president, in-service aircraft carrier programs. "This contract award allows us to move beyond defueling and plan all the work associated with a full RCOH, which underscores the Navy's continued commitment to ensuring this great national asset remains in the fleet and operational for another 25 years."
Newport News has completed RCOH work on the first four Nimitz-class ships, and work on the fifth ship, USS Abraham Lincoln (CVN 72), is about 60 percent complete and on track to deliver in the fourth quarter of 2016.
An RCOH is a full recapitalization of the ship that represents greater than 35 percent of all maintenance and modernization in an aircraft carrier's 50-year service life. Work includes the refueling of the ship's reactors, as well as extensive modernization work to more than 2,300 compartments, 600 tanks and hundreds of distributive systems. In addition, major upgrades are made to the ship's food service areas, aircraft launch and recovery systems, combat systems and the ship's island. The support of about 3,700 shipbuilders from all areas of the company, including engineering, planning, supply chain, the shops and trades is required to successfully accomplish an RCOH.
About Huntington Ingalls Industries
Huntington Ingalls Industries is America's largest military shipbuilding company and a provider of manufacturing, engineering and management services to the commercial and non-commercial oil, gas and energy 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, Va., HII employs approximately 38,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com.
- 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.