NEWPORT NEWS SHIPBUILDING ANNOUNCES REGULAR SHAREHOLDER DIVIDEND

NEWPORT NEWS, Va., January 30, 1998 – Newport News Shipbuilding (NYSE: NNS) announced today that its Board of Directors has declared a dividend of $0.04 per share on the issued and outstanding common stock of the company.

The dividend will be paid on or about February 28, 1998, to shareholders of record on February 16, 1998. This is the fifth consecutive regular dividend declared since Newport News became an independent company in December 1996.

Newport News Shipbuilding is America’s premier shipbuilding company with revenues of approximately $1.8 billion and more than 18,000 employees. The company is the leader in the design and construction of nuclear-powered aircraft carriers and submarines for the U.S. Navy and produces a variety of ships for domestic and international customers.