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FOR IMMEDIATE RELEASE
Total NORSHIPCO Work on USS JOHN F. KENNEDY Now Over $30 Million
- United Defense Industries, Inc. (NYSE: UDI) announced today
the $21,694,925 award to its subsidiary, NORSHIPCO, by the Supervisor
of Shipbuilding and Repair, Jacksonville, Fla., for the firm fixed-price
Extended Selective Restricted Availability (EDSRA) on the Navy's
aircraft carrier, USS JOHN F. KENNEDY (CV-67). NORSHIPCO previously
won a $10 million contract in November for work on the KENNEDY.
The work is scheduled to begin in January 2003 and be completed
by September 2003 at the Naval Station Mayport, Fla., the ship's
home port.
The work package focuses on work in two of the
four engine rooms and includes main machinery room repairs consisting
of tanks, boilers, forced draft blowers, steam valves, reduction
gears, main feed pumps, main condenser, lube oil pumps, piping.
NORSHIPCO has teamed with North Florida Shipyards, Inc. (NFSY),
located in Jacksonville, Fla., to perform this work. According
to Tom Epley, NORSHIPCO's president, "This is the third contract
in a month awarded to the NORSHIPCO and North Florida Shipyards
team for work on USS KENNEDY, bringing the total to over $30 million.
This award is a testament to the strength of the partnership between
NORSHIPCO and NFSY. The government recognizes the complementary
talents we both bring to the table, and we look forward to providing
our expertise and experience to our Navy customer."
NORSHIPCO has extensive experience in the repair
and maintenance of aircraft carriers and surface combatants and
management of complex Navy ship repair, modernization and conversion
projects. The NFSY work force has been providing service to the
Navy for over 15 years and has extensive knowledge of the local
ship repair market.
This recent teaming arrangement with NFSY represents
entry into another major Navy market by NORSHIPCO. Both companies
will share office space at the Naval Station, with NORSHIPCO serving
as the prime contractor, providing program management, materials
procurement and communication with the Navy on all contract matters.
NFSY will serve as the principal fixed-price subcontractor on
the KENNEDY, providing local labor and supervision, production
support and coordination with NORSHIPCO of consumable materials.
"By combining resources, we are able to
provide the Navy and the American taxpayer with the best value
in ship repair, as evidenced by this third contract award. We
are proud to be teaming with NORSHIPCO and look forward to a long,
rewarding relationship," said Matthew Self, NFSY president
and general manager.
NORSHIPCO is a member of the United States Marine
Repair (USMR) family of shipyards, a wholly owned subsidiary of
United Defense with facilities in Norfolk, Va.; San Diego, San
Pedro and San Francisco, Calif.; Ingleside, Texas; and Pearl Harbor,
Hawaii.
United Defense is a leader
in the design, development and production of combat vehicles,
artillery, naval guns, missile launchers and precision munitions
used by the U.S. Department of Defense and allies worldwide and
is America's largest non-nuclear ship repair, modernization and
conversion company. To learn more about United Defense, visit
www.uniteddefense.com.Forward-Looking Statements
Information in this release may involve guidance, expectations,
beliefs, plans, intentions or strategies regarding the future.
These forward-looking statements involve risks and uncertainties.
All forward-looking statements included in this release are based
upon information available to United Defense Industries, Inc.
as of the date of the release, and we assume no obligation to
update any such forward-looking statements. The statements in
this release are not guarantees of future performance and actual
results could differ materially from our current expectations.
Numerous factors could cause or contribute to such differences.
Please refer to the Company's Quarterly Report on Form 10Q for
the quarter ended September 30, 2002, and in our other reports
filed from time to time with the Securities and Exchange Commission
for a further discussion of the factors and risks associated with
our business.
Doug Coffey
United Defense
(703) 312-6121
Jackie Kreisler
Southwest Marine
(619) 557-4289
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