NEWPORT NEWS, Va., July 15, 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 August 6, 1998, to shareholders of record as of July 27, 1998. This is the seventh consecutive regular dividend declared since Newport News became an independent company in December 1996.

Newport News Shipbuilding designs and constructs nuclear powered aircraft carriers and submarines for the U.S. Navy and provides lifecycle maintenance services for ships in the Navy fleet. The company employs more than 18,000 people, and has revenues of approximately $1.7 billion.