NEWPORT NEWS, Va., Dec. 21, 2017 (GLOBE NEWSWIRE) -- In a release issued under the same headline yesterday by Huntington Ingalls Incorporated (NYSE:HII), please note that in the first paragraph the joint venture was awarded by the U.S. Department of Energy, and not the U.S. Department of Energy's National Nuclear Security Administration as previously stated. The corrected release follows.
N3B Joint Venture Awarded Los Alamos Legacy Cleanup Contract
Huntington Ingalls Industries (NYSE:HII) announced today that the U.S. Department of Energy has awarded the Los Alamos Legacy Cleanup Contract to Newport News Nuclear BWXT Los Alamos, LLC (N3B), a joint venture led by SN3, part of HII’s Technical Solutions division, with partner BWX Technologies, Inc.
The work will be conducted at the U.S. Department of Energy/National Nuclear Security Administration’s Los Alamos National Laboratory (LANL), a 36-square mile site in Los Alamos county about 25 miles northwest of Santa Fe, New Mexico.
The total value of the contract is $1.39 billion. The period of performance includes a 90-day Contract Transition Period, Base Period of five years, Option Period 1 for three years and Option Period 2 for two years, with a total period of performance of up to 10 years and three months. The contract primarily includes a cost-plus-award-fee line item with a cost-reimbursement line item for transition and an indefinite-delivery indefinite-quantity line item.
“We are pleased that the Department of Energy has entrusted us with this important mission,” said Nick Lombardo, president of HII’s SN3 subsidiary within the Technical Solutions division. “SN3 has served the department in New Mexico for decades, and we look forward to expanding that service in northern New Mexico.”
Since its inception in 1943 as part of the Manhattan Project, LANL’s primary mission has been nuclear weapons research and development. The mission of the Department of Energy’s Office of Environmental Management’s (DOE/EM) is to characterize and remediate contaminants in the environment; decontaminate, decommission and demolish process-contaminated facilities; and manage and dispose of legacy transuranic wastes, thereby reducing risks to the public, workers and the environment associated with legacy material, facilities and waste sites.
HII Technical Solutions is a professional services business providing solutions to a variety of government and commercial customers worldwide. The division was formed in December 2016 when HII acquired Camber Corp. and combined it with HII’s existing services subsidiaries, including AMSEC, Continental Maritime of San Diego, Newport News Industrial, SN3, Undersea Solutions Group and UniversalPegasus International. Technical Solutions provides fleet maintenance and modernization, unmanned solutions and rapid prototyping, agile software development and network engineering, training systems, logistics support, nuclear engineering and fabrication, and oil and gas engineering. Technical Solutions employs more than 5,000 people working in 35 states and 11 countries, with mobile “fly-away” teams that support emergent situations around the globe.
BWXT is a leading supplier of nuclear components and fuel to the U.S. government and commercial nuclear power industry. BWXT is a partner in joint ventures serving DOE/EM at locations such as the Savannah River Site, the Portsmouth Gaseous Diffusion Plant, the West Valley Demonstration Project and the Waste Isolation Pilot Plant (WIPP).
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.
Huntington Ingalls Incorporated