Benzinga | Mar 29, 2021 02:05PM EDT

Huntington Ingalls Says Industries-General Dynamics Team Awarded Contract Modification For Construction Of 10th Virginia-Class Block V Submarine Awarded By U.S. Navy

Huntington Ingalls Industries (NYSE:HII) announced today that the shipbuilding team, which includes its Newport News Shipbuilding division, has been awarded a contract modification in support of construction of the 10th Virginia-class Block V submarine.



In December 2019, Newport News and teaming partner General Dynamics Electric Boat received a $22 billion contract to build nine Virginia-class submarines. The contract modification, which exercises an option for the last fast-attack submarine of the block, brings the total value of the contract for Newport News to $9.8 billion.

"We are pleased that Congress supported the restoration of funding for the 10th Virginia-class boat in Block V," said Jason Ward, Newport News' vice president of Virginia-class submarine construction. "We look forward to building and delivering the final boat of the block that maintains production at two submarines per year and continues to stabilize the industrial base."

In total, Newport News and Electric Boat have built and delivered 19 Virginia-class submarines. Construction on the 10th submarine of the Block V is expected to begin in early 2024.