PASCAGOULA, Miss., June 3, 2013 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries' (NYSE:HII) Ingalls Shipbuilding division has been awarded a fixed-price incentive, multiyear contract for construction of five Arleigh Burke-class destroyers (DDG 51s) for the U.S. Navy. The contract, announced today, has a total value of $3.33 billion and includes options for engineering change proposals, design budgeting requirements and post-delivery availabilities, which, if exercised, would bring the cumulative value of the contract to approximately $3.39 billion. http://media.globenewswire.com/hii/mediagallery.html?pkgid=19128 "Our shipbuilders have a strong legacy of building DDG 51s, a class of ships that for decades has proven itself to be the workhorse of the Navy's fleet," said DDG 51 Program Manager George Nungesser. "This contract award and, importantly, the Navy's structuring of the program increases our momentum in realizing efficiencies generated from true serial production. We are committed to getting it right and doing it better every day, and we appreciate this opportunity to continue building the world's finest surface combatants." The multi-year procurement allows Ingalls to build ships more efficiently by buying bulk material and moving the skilled workforce from ship to ship. It also ensures Ingalls will be building DDGs over the next decade.