Huntington Ingalls Industries Acquires UniversalPegasus International

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| Source: Huntington Ingalls Industries, Inc.

NEWPORT NEWS, Va., June 2, 2014 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that it has acquired UniversalPegasus International Holdings (UPI), a leading provider of engineering and project management services to the domestic and international energy markets. The intent to acquire UPI was announced on May 16. The value of the transaction is not being disclosed.

UPI was a privately held company headquartered in Houston. It also performs work in Oklahoma, Illinois and Louisiana, as well as Canada, the United Kingdom, and Trinidad and Tobago.

UPI has provided a broad range of engineering and project management services to the energy industry for over 50 years. Whether onshore or offshore, from the wellhead to processing facilities to delivery points, UPI delivers the project management, engineering, design, survey, inspection and construction management personnel to move energy safely, reliably and efficiently to domestic and international marketplaces.

UPI will be a subsidiary of HII reporting to Chris Kastner, corporate vice president and general manager, corporate development.

Huntington Ingalls Industries designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder at its Newport News Shipbuilding and Ingalls Shipbuilding divisions. Employing more than 38,000 in Virginia, Mississippi, Louisiana, California and Colorado, HII also provides a wide variety of products and services to the commercial energy industry and other government customers, including the Department of Energy. For more information about HII, visit:

CONTACT: Beci Brenton
         beci.brenton@hii-co.com
         (202) 264-7143