NEWPORT NEWS SHIPBUILDING ANNOUNCES
OPEN MARKET SHARE REPURCHASE PROGRAM

NEWPORT NEWS, Va., September 25, 1997 – Newport News Shipbuilding (NYSE: NNS) announced today that it intends to fund a portion of its employee compensation plan obligations with up to $10 million of shares of its common stock. This stock will be purchased by the company through open market and privately negotiated transactions. In addition, it is expected that purchases of additional shares will be authorized for this purpose.

"This share repurchase program reflects our confidence in the company’s future performance," stated Bill Fricks, Chairman and Chief Executive Officer. "Strength in our core Navy business, and the associated favorable trends we are experiencing in cash flow, support implementing the program at this time. We look forward to initiating similar programs as opportunities arise."

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 eight 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 $3.1 billion. The workforce numbers 18,000, making it Virginia's largest private employer.