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TheStreet Open House

Photo Release -- Ingalls Shipbuilding Awarded $487 Million Contract To Build Sixth U.S. Coast Guard National Security Cutter

Stocks in this article: HII

PASCAGOULA, Miss., May 1, 2013 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that the U.S. Coast Guard has awarded a $487 million, fixed-price-incentive-fee contract to its Ingalls Shipbuilding division to build the sixth National Security Cutter, Munro (WMSL 755).

NSC Contract
Ingalls Shipbuilding has received a $487 million contract to build the sixth National Security Cutter (NSC), Munro (WMSL 755). The third NSC, Stratton (WMSL 752, pictured) was commissioned in 2012, and two more are currently under construction at Ingalls.

A photo accompanying this release is available at http://media.globenewswire.com/hii/mediagallery.html?pkgid=18436

"Our Coast Guard customer continues to be extremely pleased with the performance of the NSC, and this contract proves that," said Jim French, Ingalls' NSC program manager. "Our shipbuilders continue to execute well on this contract, and the design/build plan is at a mature stage. We currently have two more ships under construction and expect to start NSC 6 in October."

NSCs, the flagships of the Coast Guard's cutter fleet, were designed to replace the 378‐foot Hamilton-class high-endurance cutters, which entered service during the 1960s. Ingalls has delivered the first three. The fourth, Hamilton (WMSL 753), currently at 40 percent complete, is scheduled to launch this summer and will be christened in October.

Keel-laying for the fifth NSC, James (WMSL 754), is set for May 17. The ship is currently 17 percent complete and will launch in the spring of 2014. A long-lead material contract for Munro was awarded in 2012, and all associated equipment has been ordered.

Ingalls builds, integrates and tests the NSC hull, mechanical and electrical (HME) systems, while Lockheed Martin provides the command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) capabilities onboard the cutters.

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