NEWPORT NEWS, Va., February 4, 1998 – Newport News Shipbuilding (NYSE:NNS) received one of 10 national Golden Eagle awards from the U. S. Treasury Department for its support of the Savings Bonds Program in 1997. The Golden Eagle award is presented to companies and government units of 5,000 or more employees that have achieved both 50 percent or higher participation and added at least 3,000 new or increased savers during the 1997 U. S. Savings Bonds Campaign.

"I am very proud of our employee participation in buying U. S. Savings Bonds. It’s a great way to invest in our country and help build personal financial security at the same time," said NNS Chairman and CEO Bill Fricks.

Newport News Shipbuilding ranks 6^th in the nation for percentage of participation by employees. NNS also ranks 18^th in the nation for the number of new and increased savers. Employees at the company save more than $9 million annually through the plan.

Newport News Shipbuilding is America’s premier shipbuilding company with annual revenues of approximately $1.8 billion and 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.