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HII CEO Mike Petters: $22B Contract Sets Rhythm for Submarine Production Over Next 10 Years

HII CEO Mike Petters: $22B Contract Sets Rhythm for Submarine Production Over Next 10 Years - top government contractors - best government contracting event
Mike Petters
Mike Petters

Mike Petters, CEO of Huntington Ingalls Industries and a previous Wash100 award winner, told CNBC's “Squawk Alley“ program in an interview posted Tuesday about the potential impact of a $22B contract with the U.S. Navy to build nine Virginia-class submarines.

“The contract establishes the rhythm for submarine production over the next decade. It helps us balance the Virginia-class program with the start of Columbia-class program,“ Petters said.

“It goes well with two aircraft carrier contract that we got back at the beginning of this year. All of that pushes our backlog up close to $50B,“ he added.

General Dynamics' Electric Boat subsidiary will work with Huntington Ingalls Industries' Newport News Shipbuilding division to build the Block V submarines under the multiyear contract modification that includes an option for a 10th vessel, which could bring the contract's ceiling value to $24.1B if exercised.

During the interview, Petters also discussed the scheduled christening of the USS John F. Kennedy Ford-class aircraft carrier and shared his views on intellectual property theft.

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