HII (NYSE: HII) has received a $66.7 million cost-plus-incentive-fee contract modification from the U.S. Navy for the DDG 1000 Modernization Period execution.
The Department of Defense said the award could reach its cumulative value of $70.8 million if its included options were exercised.
The majority or 95 percent of contract work will be conducted by the shipbuilder at its Pascagoula, Mississippi, location until September 2025.
Naval Sea Systems Command, which serves as the contracting activity, will obligate more than $30 million in fiscal 2024 other procurement and operation and maintenance funds at the time of award.
In August 2023, HII was awarded a $154.8 million Navy contract modification for the modernization of the USS Zumwalt (DDG 1000) guided-missile destroyer.
The company initially received a $10.5 million contract to help the service branch in its advanced planning period for updating and enhancing the USS Zumwalt (DDG 1000) and USSS Micheal Monsoor (DDG 1001).
