NEWPORT NEWS SHIPBUILDING AWARDED TWO CONTRACTS RELATING TO AIRCRAFT CARRIER WORK

NEWPORT NEWS, Va., March 2, 1998 – Newport News Shipbuilding (NYSE:NNS) announced that it has won two contracts from the U. S. Navy totaling more than $30 million for work to be performed on two nuclear-powered aircraft carriers.

The first contract, valued at approximately $12.7 million, is for the purchase of equipment and advance planning for an extended overhaul for the aircraft carrier Enterprise (CVN 65.) The contract covers preparations for the alterations, repairs, maintenance and routine work on the ship during its stay at NNS. The ship is scheduled to arrive at Newport News Shipbuilding in 1999 and remain until mid-year 2000.

The Enterprise, constructed at Newport News Shipbuilding, was the first nuclear-powered aircraft carrier built and was commissioned by the U.S. Navy in 1961.

The second contract award, valued at approximately $17.7 million, is for preparations in advance of the overhaul and refueling of the Dwight D. Eisenhower (CVN 69) scheduled for 2000. The contract involves advance planning, design, documentation, engineering, material procurement, ship checks, fabrication and preliminary shipyard or support facility work. This will be the ship’s first and only refueling during a service-life expected to span approximately 50 years. Eisenhower, also built at Newport News, was commissioned by the U. S. Navy in 1977. The ship is scheduled to arrive at Newport News in late 2000 and remain for approximately three years.

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.