NEWPORT NEWS SHIPBUILDING AWARDED $41 MILLION FOR SUBMARINE WORK

February 10, 1997, NEWPORT NEWS, Va. -- Newport News Shipbuilding has been awarded a U.S. Navy contract option for Seawolf-class attack submarine research and development and research for other advanced submarine designs, including the Navy's New Attack Submarine (NSSN).

The award, valued at $41 million, modifies a contract the company received in 1995 and extends the work through February, 1999. The option covers ship control system hardware modifications; weapons launch system component development; and engineering, design and fabrication services for the Advanced Sail Program.

As the lead design yard for the Seawolf-class of submarines, Newport News Shipbuilding maintains the submarine's forward-end design and provides design enhancements for such things as the ship's control system integration and weapons launch capabilities.

Newport News Shipbuilding has built nuclear submarines for nearly 40 years. It built 29 Los Angeles-class submarines, delivering the final ship of the class, USS Cheyenne, in August, 1996. Current submarine work includes serving as the lead design yard for Seawolf, and preparation for construction of the Navy's New Attack Submarine.

Newport News Shipbuilding is America's largest ship design and construction company. It has produced approximately 800 ships during its 111 years of operation -- including Navy aircraft carriers, submarines and cruisers. The company, in addition to its submarine work, is currently building the nuclear-powered aircraft carriers Harry S. Truman (CVN 75) and Ronald Reagan (CVN 76) and nine Double Eagle product tankers. Its 1996 revenues totaled $1.87 billion, with earnings before interest and taxes of $140 million. The current backlog is approximately $3.5 billion. The work force numbers approximately 18,000, making it Virginia's largest private employer.