NEWPORT NEWS NUCLEAR APPOINTS WATKINS TO HEAD NEW OAK RIDGE, TENNESSEE OFFICE

June 17, 1997, NEWPORT NEWS, Va. -- Newport News Nuclear, a division of Newport News Shipbuilding, has announced the appointment of E.L. (Lee) Watkins as manager of its newly established Oak Ridge, TN office. The office will assist the company in pursuing commercial and government contract opportunities in the southeastern United States. Newport News Nuclear is currently competing for the Department of Energy Oak Ridge Operations Environmental Management contract as part of the Foster Wheeler Group, and several other smaller contracts.

A graduate of the United States Naval Academy, Watkins is a retired U.S. Navy Rear Admiral who previously served as Commander of the Charleston Naval Base in South Carolina during the base turnover to commercial use after its shutdown. He is also a submariner who served as the Prospective Executive Officer on the precommissioning crew on the USS Cincinnati while the ship was at Newport News Shipbuilding.

"Lee brings to Newport News Nuclear a great combination of knowledge and experience in site environmental management, infrastructure management and reindustrialization, areas critical to our success," said James A. Palmer, president, Newport News Nuclear.

Newport News Shipbuilding is America's largest ship design and construction company. It has produced approximately 800 ships during its 111 years of operations - including Navy aircraft carriers, submarines, and cruisers. The company is currently building the nuclear-powered aircraft carriers Harry S. Truman (CVN 75) and Ronald Reagan (CVN 76) and has begun work in preparation for construction of the Navy's New Attack Submarine. It is also building 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 $3.3 billion. The workforce numbers 18,000, making it Virginia's largest private employer.