Huntington Ingalls Industries awarded LCS Planning Yard Contract Worth a Potential $107.9 million

Pascagoula, Miss., April 24, 2020 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries' (NYSE: HII) Ingalls Shipbuilding division has been awarded a contract modification to exercise the first option year of the existing Littoral Combat Ships (LCS) Planning Yard contract.

This option has a potential total value of up to $107.9 million for planning yard services in support of in-service LCS class ships.

“Our outstanding and experienced Shipyard Planning Yard team is poised to continue the excellent and efficient execution of this important work for our Navy customer,” Ingalls Shipbuilding President Brian Cuccias said.

The planning yard design services contract will continue to provide the LCS program with post-delivery life-cycle support, which includes fleet modernization program planning, design engineering and modeling, logistics support, long-lead-time material support, and preventative and planned maintenance system item development and scheduling. Unique to this planning yard effort is the requirement to manage the scheduling of all planned, continuous and emergent maintenance and associated availabilities.

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 supports national security missions around the globe with unmanned systems, defense and federal solutions, nuclear and environmental services, and fleet sustainment. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. For more information, visit:

HII on the web: https://www.huntingtoningalls.com

HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries

HII on Twitter: www.twitter.com/hiindustries

Statements in this release, as well as other statements we may make from time to time, 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; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures, and strategic acquisitions; 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 or revise any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

CONTACT INFORMATION
Teckie Hinkebein
Manager of Media Relations
(228) 935-1323
teckie.hinkebein@hii-co.com

View source version on Huntington Ingalls Industries: https://newsroom.huntingtoningalls.com/releases/huntington-ingalls-industries-awarded-lcs-planning-yard-contract-worth-a-potential-107-9-million