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SAIC Wins U.S. Navy Contract for Torpedo Fuel Tanks

·4-min read

Company will produce, test and deliver fuel tanks for the MK48 heavyweight torpedo

The U.S. Navy awarded Science Applications International Corp. (NYSE: SAIC) a prime contract worth approximately $120 million to provide mission engineering and integration support to produce, test and deliver MK48 heavyweight torpedo fuel tanks for the Naval Undersea Warfare Center Division Keyport. The firm-fixed-price contract was awarded and began in October 2020 and has an 18-month base period of performance with four option years.

In support of the Naval Undersea Warfare Center (NUWC) Keyport, Washington, SAIC will provide all necessary facilities, resources, and management necessary to meet the production, test, and delivery requirements of both MK48 heavyweight all-up-round exercise and war shot fuel tank configurations for Navy and foreign military sales customers.

"SAIC is proud to expand our work on the MK48 heavyweight torpedo system for the U.S. Navy," said Bob Genter, SAIC president, Defense & Civilian Sector. "We are confident that our proven performance on the MK48 afterbody/tailcone program will be mirrored in the fuel tank program."

NUWC Keyport provides technical leadership, engineering expertise, and unique facility complexes that serve to ensure sustainment of undersea warfare (USW) superiority for the United States. As one of two divisions of the Naval Undersea Warfare Center, Keyport’s mission is focused on developing and applying advanced technical capabilities to test, evaluate, field, and maintain undersea warfare systems and related defense assets. These advanced technical capabilities directly support the full spectrum of Navy undersea programs.

"We pride ourselves on providing reliable, innovative solutions to support NUWC Keyport, and we look forward to expanding our work on the MK48 heavyweight torpedo over the next five years," added Josh Jackson, SAIC senior vice president for the Naval Business Unit, Defense & Civilian Sector. "Our team is excited to get to work in providing the reliable exercise and war-shot torpedoes the Navy requires."

Currently, SAIC manufactures the MK48 Mod 7 heavyweight torpedo afterbody/tailcone sections and handles the testing and data collection for MK48 heavyweight Torpedoes, and MK54 lightweight torpedoes for the Naval Sea Systems Command in support of NUWC Division Newport. Work for these contracts is performed in Bedford, Indiana; Middletown, Rhode Island; and Indianapolis, Indiana.

About SAIC

SAIC® is a premier Fortune 500® technology integrator driving our nation’s digital transformation. Our robust portfolio of offerings across the defense, space, civilian, and intelligence markets includes secure high-end solutions in engineering, IT modernization, and mission solutions. Using our expertise and understanding of existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to deliver innovative, effective, and efficient solutions that are critical to achieving our customers' missions.

We are 25,500 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has pro forma annual revenues of approximately $7.1 billion.​​​​ For more information, visit saic.com. For ongoing news, please visit our newsroom.

Forward-Looking Statements

Certain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance," and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006076/en/

Contacts

Lauren Presti
703.676.8982
Lauren.A.Presti@saic.com