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Photo Release -- Ingalls Shipbuilding Awarded $76.8 Million Advance Procurement Contract For Seventh NSC

Stocks in this article: HII

PASCAGOULA, Miss., June 14, 2013 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries' (NYSE:HII) Ingalls Shipbuilding division today received a $76.8 million fixed-price contract from the U.S. Coast Guard to purchase long-lead materials for Kimball (WMSL 756), the company's seventh National Security Cutter (NSC). Construction and delivery will be performed at the company's Pascagoula facility.

USCGC Stratton (WMSL 752)
USCGC Stratton (WMSL 752), the third National Security Cutter (NSC) built by Ingalls Shipbuilding, conducts a reconnaissance demonstration in the Pacific Ocean in August 2012. The fourth NSC, Hamilton (WMSL 753), will be christened in October. Ingalls recently laid the keel for James (WMSL 754) and will begin construction on Munro (WMSL 755) later this year. U.S. Coast Guard photo

A photo accompanying this release is available at http://media.globenewswire.com/hii/mediagallery.html?pkgid=19327

"This advance procurement contract allows us to maintain production line and supplier base momentum while we prepare for the ship construction contract," said Jim French, Ingalls' NSC program manager. "Advance procurement funding helps us procure equipment and materials at favorable prices from our suppliers, and it keeps their production line flowing as well. The Coast Guard continues to report their satisfaction with these ships, and we remain focused on improving our performance."

The advance procurement funds will be used to purchase major items for Kimball, such as steel, the main propulsion systems, generators, electrical switchboards and major castings.

Ingalls has delivered three NSCs, designed to replace the 378‐foot Hamilton-class High-Endurance Cutters that entered service during the 1960s. Ingalls' fourth NSC, Hamilton (WMSL 753), will launch later this year and be christened on Oct. 26. The keel was recently laid on the fifth cutter, James (WMSL 754), and construction will begin on the company's sixth cutter, Munro (WMSL 755), later this year.

Ingalls will continue to work with Lockheed Martin, which provides the command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) capabilities.

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