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Ingalls Shipbuilding Awarded Modernization Contract for CG 47-Class Ships

Ingalls Shipbuilding Awarded Modernization Contract for CG 47-Class Ships

PASCAGOULA, Miss., Sept. 17, 2012 (GLOBE NEWSWIRE) -- Huntington Ingalls
Industries (NYSE:HII) announced today that its Ingalls Shipbuilding division
has been awarded an $83.3 million cost-plus-award-fee contract from the U.S.
Navy for continued life-cycle engineering, modernization and support services
on the U.S. Navy's fleet of USS Ticonderoga-class (CG 47) Aegis guided missile
cruisers. The contract is the first of five options which, if exercised, would
place the total value of the contract at $468.2 million.

"This award builds on the U.S. Navy's confidence in the versatility we have as
a shipbuilding company in not only building quality warships, but also in
providing life-cycle and modernization support," said Bob Merchent, Ingalls'
vice president, surface combatants and U.S. Coast Guard programs. "This
contract validates Ingalls Shipbuilding's long-standing reputation for
excellence in fleet sustainment and in building CG 47-class ships. Obviously
it takes the efficiency and skill of our shipbuilders to accomplish these
efforts, and I'm confident they will demonstrate quality performance on this
important project for these surface combatants."

Ingalls, as lead shipbuilder for the Aegis cruiser program, delivered 19 of
the 27 Ticonderoga-class ships between 1982 and 1994. The CG 47-class cruisers
represent a significant portion of the Navy's surface combatants, and the
modernization effort will increase their service life and war-fighting
capability for another 20 years. Ingalls will perform the work in Pascagoula
and provide waterfront support in U.S. Navy ports in Norfolk, Va.; Mayport,
Fla.; San Diego; Pearl Harbor, Hawaii, and Yokosuka, Japan.

Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and
non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market
services for military ships around the globe. For more than a century, HII has
built more ships in more ship classes than any other U.S. naval shipbuilder.
Employing more than 37,000 in Virginia, Mississippi, Louisiana and California,
its primary business divisions are Newport News Shipbuilding and Ingalls
Shipbuilding. For more information, visit:

  *HII on the web: www.huntingtoningalls.com
  *HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
  *HII on Twitter: twitter.com/hiindustries

The Huntington Ingalls Industries, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9418

Statements in this release, other than statements of historical fact,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements involve
risks and uncertainties that could cause our actual results to differ
materially from those expressed in these statements. Factors that may cause
such differences include: changes in government and customer priorities and
requirements (including government budgetary constraints, shifts in defense
spending, and changes in customer short-range and long-range plans); our
ability to obtain new contracts, estimate our costs and perform effectively;
risks related to our spin-off from Northrop Grumman (including our increased
costs and leverage); our ability to realize the expected benefits from
consolidation of our Gulf Coast facilities; natural disasters; adverse
economic conditions in the United States and globally; and other risk factors
discussed in our filings with the U.S. Securities and Exchange Commission.
There may be other risks and uncertainties that we are unable to predict at
this time or that we currently do not expect to have a material adverse effect
on our business, and we undertake no obligations to update any forward-looking
statements.

CONTACT: Bill Glenn
         William.glenn@hii-co.com
         (228) 327-1671

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