HII Awarded $142.7 Million Contract for Submarine Engineering and Industrial Work

HII Awarded $142.7 Million Contract for Submarine Engineering and Industrial
Work

NEWPORT NEWS, Va., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Huntington Ingalls
Industries (NYSE:HII) announced today that its Newport News Shipbuilding (NNS)
division was awarded a cost-plus-fixed-fee, level-of-effort contract option
valued at $142.7 million from the U.S. Navy. The contract option is for work
on operational and decommissioning U.S. Navy submarines, conversion
submarines, special mission submersibles, submarine support facilities and
related programs.

NNS is the prime contractor for the work, which will include engineering,
design, configuration management, integrated logistic support, database
management, research and development, modernization and industrial support.
Work is expected to begin immediately and continue through September 2013.

"No one will take better care of these products than we will," said Jennifer
Boykin, NNS' vice president, engineering and design. "These ships represent
the very best of American craftsmanship and innovation, and the pride that
goes into their construction will continue during their maintenance to ensure
that the Navy is equipped with the very best."

NNS is one of only two U.S. shipyards capable of building nuclear-powered
submarines and has completed more than 200 ship repair projects for the U.S.
government since the early 1990s, ranging from paint repair to complete hull
and machinery renovation.

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: Christie Miller
         Christine.Miller@HII-co.com
         (757) 380-3581

company logo