FOR IMMEDIATE RELEASE

NEWPORT NEWS, Va./NEW ORLEANS, La. – February 22, 1999 – Newport News Shipbuilding (NYSE: NNS) and Avondale Industries, Inc. (Nasdaq/NMS: AVDL) announced today that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to their proposed merger has expired. The expiration of the waiting period is an important step toward closing the transaction, which remains subject to the approval of the shareholders of both companies.

Newport News Shipbuilding designs and constructs nuclear powered aircraft carriers and submarines for the U.S. Navy and provides life cycle maintenance services for ships in the Navy fleet. The Company employs 18,000 people and has annual revenues of approximately $1.8 billion.

Avondale Industries, Inc., headquartered in metro New Orleans, designs, builds, and overhauls both military and commercial ships. The Company employs 6,000 people and has annual revenues of approximately $750 million.