This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Photo Release -- HII Awarded $296 Million Construction Preparation Contract Modification For John F. Kennedy (CVN 79)

NEWPORT NEWS, Va., Sept. 27, 2012 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) has received a $296 million contract modification, under a previously awarded contract, for continuation of long-lead-time material procurement for and advance construction of the nuclear-powered aircraft carrier John F. Kennedy (CVN 79). The company's Newport News Shipbuilding (NNS) division is the prime contractor.
John F. Kennedy (CVN 79)
The aircraft carrier John F. Kennedy (CVN 79) is the second ship in the Gerald R. Ford class, the Navy's newest class of nuclear aircraft carriers. The ship's first steel was cut in December 2010, and delivery to the Navy is scheduled no later than 2022. Photo illustration

A photo accompanying this release is available at http://media.globenewswire.com/hii/mediagallery.html?pkgid=14937

This award enables NNS to continue preparations for the construction of John F. Kennedy, including engineering and planning efforts along with additional advance material procurement and complex component manufacturing. Long-lead-time materials include advanced weapons elevators, pumps, propellers, steel plate, piping and fittings.

John F. Kennedy is the second ship in the Gerald R. Ford class, the Navy's newest class of nuclear aircraft carriers. The Ford class incorporates many improvements in capability and is designed to reduce total ownership cost over that of the Nimitz class. The ship's first steel was cut in December 2010, and delivery to the Navy is scheduled no later than 2022.

"Advance construction and procurement enables us to transition smoothly from Ford into the bulk of Kennedy's construction starting in 2013, efficiently utilizing our labor and facility resources," said Mike Shawcross, NNS' vice president, John F. Kennedy construction. "We are working hard with the Navy to make the entire class more affordable, and we are taking full advantage of the lessons we are learning while building Ford and applying them to Kennedy. We are always looking at ways to improve carrier construction at the shipyard — from changes in how work flows through the yard to engaging our suppliers for their ideas that could improve efficiency."

Cost reduction measures include maximizing work in earlier stages of construction where it can be done more efficiently, re-sequencing unit construction to build similar units repetitively, decreasing the number of lifts required to erect the ship, increasing overall ship completion levels at major key events, and improvements to processes and tools that increase productivity.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs