HII wins $76.6B Navy contracts for Virginia and Columbia submarines

HII (NYSE: HII) announced it has received contract modifications from the U.S. Navy totaling approximately $76.6 billion for the construction of Block VI Virginia-class and Build II Columbia-class submarines.

The contracts cover the construction of nine additional Virginia-class submarines and five additional Columbia-class submarines, along with funding for shipyard infrastructure. The awards were made to HII's Newport News Shipbuilding (NNS) division and General Dynamics Electric Boat (GDEB).

Under the Virginia-class program, NNS will serve as the delivery yard for six of the nine planned submarines. In the Columbia-class program, NNS will function as a major shipbuilding partner, constructing and delivering six module sections per submarine.

NNS President Kari Wilkinson said, "These contracts provide the American shipbuilding industrial base the opportunity to demonstrate that commitment in a meaningful way and we are honored to serve our customer and our country."

NNS and GDEB have previously built and delivered 26 Virginia-class submarines to the U.S. Navy.

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