PASCAGOULA, Miss., Sept. 28, 2018 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Ingalls Shipbuilding division has been awarded a $5.1 billion fixed-price incentive, multiyear procurement contract for construction of six Arleigh Burke-class (DDG 51) Flight III destroyers for the U.S. Navy.
The contract includes options for engineering and post-delivery efforts, which, if exercised, would bring the cumulative value of the contract to approximately $5.25 billion.
“Destroyers represent the backbone of the Navy’s fleet and play a significant role in the defense of our freedom,” said Ingalls Shipbuilding President Brian Cuccias. “Our shipbuilders construct every DDG 51 with great pride, knowing the significant mission each ship carries out in their lifetime. This contract for six additional destroyers is significant not only for the men and women who will spend the next several years building and delivering these quality ships, but also for the sailors who will operate these warships around the world ensuring there is peace back home.”
Over the course of 30 years, Ingalls has built and delivered 30 Arleigh Burke-class destroyers. The shipyard currently has five DDGs under construction, including the first Flight III ship, DDG 125, which started fabrication in May.
Arleigh Burke-class destroyers are capable, multi-mission ships and can conduct a variety of operations, from peacetime presence and crisis management to sea control and power projection, all in support of the United States’ military strategy. The guided missile destroyers are capable of simultaneously fighting air, surface and subsurface battles. The ship contains myriad offensive and defensive weapons designed to support maritime defense needs well into the 21st century.
About Huntington Ingalls Industries
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. 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. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs more than 40,000 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 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 and environmental disasters and political instability; 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 obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.