Felicitation of $56.5 million Construction Preparation Contract Modification received by HII for John F. Kennedy

On Thursday August 11, 2011, Huntington Ingalls Industries Inc (NYSE:HII), a globally renowned company, engaged in the designing, building and maintaining nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and in the provision of after-market services for military ships, was awarded with $56.5 million contract modification, under a previously awarded contract, for carrying on the procurement of long lead time material in connection with the construction of the nuclear-powered aircraft carrier John F. Kennedy (CVN 79). The contract is primarily taken up by the company’s Newport News Shipbuilding division.

The construction of John F. Kennedy will initiate in late 2012, as per the plan and is scheduled to be delivered to the U.S. Navy by 2020. It is the second ship in the Gerald R.Ford class of aircraft carriers, which represents the Navy’s latest class of nuclear aircraft carriers.

Mike Shawcross, vice president, Gerald R.Ford-class engineering and John F.Kennedy construction, expressed that the Navy’s continued commitment to the Ford class of aircraft carriers and the significance of concreting their nation’s fleet of warships has been highlighted through this award, it also facilitates the effort of planning and preparing the cost effective construction of John F. Kennedy and its scheduled delivery.

Shares of HHI jumped 0.68% to $28.02.


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