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Huntington Ingalls' (HII) Arm Wins Contract to Support CVN-79
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Huntington Ingalls Industries, Inc.’s (HII - Free Report) business unit, Newport News Shipbuilding, recently clinched a modification contract to support the CVN-79 aircraft carrier. The work related to the deal will be performed in Newport News, VA.
Details of the Deal
Valued at $23.6 million, the contract is expected to be completed by June 2024. Per the contract, the company will procure material and labor associated with contractor-furnished on-board repair parts for the outfitting of CVN-79. The deal was awarded by the Supervisor of Shipbuilding, Newport News, VA.
Significance of CVN-79
CVN 79 is the second aircraft carrier in the Ford Class and the second aircraft carrier built by Newport News Shipbuilding named for John F. Kennedy. It is a truly electric aircraft carrier, with many of the systems powered by steam on Nimitz-class carriers now powered by electricity.
Moreover, the ship is designed to save the U.S. Navy $4 billion in total ownership cost over the ship's 50-year lifespan, with fewer overall components, extended drydocking interval, improved ship-wide air conditioning, and more.
Due to its remarkable features Huntington Ingalls may continue to witness a steady inflow of orders involving the aircraft carrier. The latest contract win is a testament to the same. This, in turn, should bolster HII’s revenues from the aircraft carrier business line.
Looking Ahead
Nations are strengthening their defense capabilities amid the rising geopolitical tensions. In this context, demand for a military ship, which boasts the features of next-generation technology-based warfare capabilities, has been gaining momentum due to the system’s growing importance in a military mission.
Per the report from GlobeNewswire, the shipbuilding market???is projected to witness a CAGR of 4.5% during the 2022-2030 period. Such abounding growth trends indicate ample growth opportunities for HII as it enjoys a lucrative position in the shipbuilding market.
A few defenseprimes that can reap the multitude of gains from the expanding shipbuilding marketare General Dynamics (GD - Free Report) , BAE Systems(BAESY - Free Report) and Mitsubishi Heavy Industries (MHVYF - Free Report) .
General Dynamics’ NASSCO specializes in the design and construction of auxiliary and support ships for the U.S. Navy and oil tankers and dry cargo carriers for commercial markets. It is also a major provider of repair services for the U.S. Navy’s global force for good, with capabilities in San Diego, Norfolk, Mayport and Bremerton.
NASSCO’s shipyard facilities are capable of building commercial cargo ships and tankers and Navy auxiliary ships up to 1,000 feet in length and servicing or repairing any vessel sailing on the West Coast of the United States.
BAE Systems designs and manufactures naval ships and submarines as well as state-of-the-art combat systems and equipment.
BAESY also offers an array of associated services, including training solutions, maintenance and modernization programs, to support ships and equipment in service worldwide.
Mitsubishi’s Mitsubishi Heavy Industries Group through boast deep technological expertise in shipbuilding, and leverage the wide range of technologies across MHI Group.
MHVYF’s expertise includes design-centric construction support, environmentally conscious technologies, autonomous ship technologies, and AI-driven IT technologies in maritime technologies.
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Huntington Ingalls' (HII) Arm Wins Contract to Support CVN-79
Huntington Ingalls Industries, Inc.’s (HII - Free Report) business unit, Newport News Shipbuilding, recently clinched a modification contract to support the CVN-79 aircraft carrier. The work related to the deal will be performed in Newport News, VA.
Details of the Deal
Valued at $23.6 million, the contract is expected to be completed by June 2024. Per the contract, the company will procure material and labor associated with contractor-furnished on-board repair parts for the outfitting of CVN-79. The deal was awarded by the Supervisor of Shipbuilding, Newport News, VA.
Significance of CVN-79
CVN 79 is the second aircraft carrier in the Ford Class and the second aircraft carrier built by Newport News Shipbuilding named for John F. Kennedy. It is a truly electric aircraft carrier, with many of the systems powered by steam on Nimitz-class carriers now powered by electricity.
Moreover, the ship is designed to save the U.S. Navy $4 billion in total ownership cost over the ship's 50-year lifespan, with fewer overall components, extended drydocking interval, improved ship-wide air conditioning, and more.
Due to its remarkable features Huntington Ingalls may continue to witness a steady inflow of orders involving the aircraft carrier. The latest contract win is a testament to the same. This, in turn, should bolster HII’s revenues from the aircraft carrier business line.
Looking Ahead
Nations are strengthening their defense capabilities amid the rising geopolitical tensions. In this context, demand for a military ship, which boasts the features of next-generation technology-based warfare capabilities, has been gaining momentum due to the system’s growing importance in a military mission.
Per the report from GlobeNewswire, the shipbuilding market???is projected to witness a CAGR of 4.5% during the 2022-2030 period. Such abounding growth trends indicate ample growth opportunities for HII as it enjoys a lucrative position in the shipbuilding market.
A few defenseprimes that can reap the multitude of gains from the expanding shipbuilding marketare General Dynamics (GD - Free Report) , BAE Systems(BAESY - Free Report) and Mitsubishi Heavy Industries (MHVYF - Free Report) .
General Dynamics’ NASSCO specializes in the design and construction of auxiliary and support ships for the U.S. Navy and oil tankers and dry cargo carriers for commercial markets. It is also a major provider of repair services for the U.S. Navy’s global force for good, with capabilities in San Diego, Norfolk, Mayport and Bremerton.
NASSCO’s shipyard facilities are capable of building commercial cargo ships and tankers and Navy auxiliary ships up to 1,000 feet in length and servicing or repairing any vessel sailing on the West Coast of the United States.
BAE Systems designs and manufactures naval ships and submarines as well as state-of-the-art combat systems and equipment.
BAESY also offers an array of associated services, including training solutions, maintenance and modernization programs, to support ships and equipment in service worldwide.
Mitsubishi’s Mitsubishi Heavy Industries Group through boast deep technological expertise in shipbuilding, and leverage the wide range of technologies across MHI Group.
MHVYF’s expertise includes design-centric construction support, environmentally conscious technologies, autonomous ship technologies, and AI-driven IT technologies in maritime technologies.