HII is Awarded Advance Procurement Contract Modification for Virginia-Class Block V Submarines

HII (NYSE: HII) announced today that its Newport News Shipbuilding division has received a $305.2 million contract modification from General Dynamics Electric Boat to procure long-lead-time material for two additional Block V Virginia-class submarines.

The contract modification brings the overall contract value to $10.2 billion.

“These funds are critically important to stabilizing and providing predictability to the thousands of suppliers across the country who support the Virginia-class program,” said Jason Ward, NNS vice president of Virginia-class submarine construction. “The submarine industrial base is crucial to our shipbuilding success and we look forward to continuing to build these vital national security assets that will deliver to the U.S. Navy with the latest technology.”

NNS is one of only two shipyards capable of designing and building nuclear-powered submarines for the U.S. Navy. The advanced capabilities of Virginia-class submarines increase firepower, maneuverability and stealth.