Navy Awards $6B Ship Contracts To Ingalls, Bath Iron Works

Law360, New York (June 5, 2013, 6:25 PM EDT) -- The U.S. Navy on Monday awarded major destroyer building contracts to Mississippi-based Huntington Ingalls Industries Inc. for $3.33 billion and Maine-based General Dynamics Bath Iron Works for $2.8 billion.

Huntington Ingalls Industries’ Ingalls Shipbuilding division was awarded a fixed-price incentive, multiyear contract for construction of five Arleigh Burke-class destroyers, or DDG 51s, for the Navy. The $3.33 billion contract included options for engineering change proposals, design budgeting requirements and post-delivery availabilities, which, if exercised, would bring the cumulative value of the contract to approximately $3.39 billion,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.