Oceaneering Wins Five-Year US Navy Dry Deck Shelter Contract Worth Up to US$154,000,000

Mitsubishi Heavy Industries announced on the 2nd that it will invest approximately 100 billion yen to expand the construction capacity of its Shimonoseki Shipyard. The company will acquire industrial land on Choshu Dejima, an artificial island being developed by the city of Shimonoseki in Yamaguchi Prefecture, and build a new factory there. The move is aimed at strengthening its shipbuilding business, which the government is seeking to promote, and at the Shimonoseki Shipyard, the company's subsidiary Mitsubishi Shipbuilding builds ferries and car carriers. In addition to transferring some of the shipyard's functions to the newly acquired land, the company will build a factory to manufacture hull blocks, the components that make up a ship, with operations targeted to begin in 2030.

Lockheed Martin's Rotary and Mission Systems business received a $94.2 million contract modification from the U.S. Navy to support continued development and integration of the AEGIS Combat System for the Royal Canadian Navy. The award funds system engineering, computer program baseline development and integration testing of AEGIS Weapon System elements and interfaces, with work performed primarily in Moorestown, New Jersey, and expected completion by December 2027. The contract is funded through the Foreign Military Sales program, underscoring Canada's continued investment in advanced naval capabilities. AEGIS integrates sensors, weapons and command-and-control capabilities so ships can detect, track and respond to airborne and surface threats. The award adds to Lockheed Martin's long-term AEGIS-related work and supports its position in the naval defense market.

Huntington Ingalls Industries received a US$5.1b contract to refuel and overhaul the USS Harry S. Truman carrier, work that will be carried out at the company's Newport News Shipbuilding division in Virginia. The refueling and complex overhaul, or RCOH, lands squarely in the backlog and cash flow side of the company's business, which is built on a $56.9 billion backlog of multi-year, multi-program contracts. Separately, HII reached preliminary acceptance of the future USS John F. Kennedy aircraft carrier with the U.S. Navy ahead of formal delivery, a milestone that speaks to execution on complex Ford-class programs. Huntington Ingalls Industries is a US$10.2b aerospace and defense contractor focused on designing, building, overhauling and repairing military ships for the U.S. fleet, making large carrier projects like Truman and the future John F. Kennedy central to its operations. The carrier work keeps heavy yards fully loaded, though it also locks the business further into large manned platforms while management commits capital, partners and factory space to ROMULUS and REMUS unmanned systems.