Northrop Grumman Stops Work on Project America

Thursday, November 01, 2001
Northrop Grumman Corporation announced that it has stopped work on Project America, a cruise ship program to build two 1,900 passenger cruise ships at its Pascagoula, Miss., Ingalls Operations.

This decision follows negotiations with the U.S. Maritime Administration, which has decided not to continue the guaranteed funding necessary to complete the construction of the ships. As previously announced on October 25, 2001, the company said it would report a charge to operating margin of 460 million in the third quarter 2001 if Project America could not secure guaranteed funding.

Northrop Grumman said today it took pretax charges totaling $60 million in the third quarter 2001, reducing operating margin for the quarter from $285 million to $225 million. Northrop Grumman previously reported third quarter 2001 economic earnings of $161 million now revised to economic earning of $121 million. Under Generally Accepted Accounting Principles (GAAP), the company previously reported third quarter net income of $117 million, now revised to $79 million.

Approximately 1,250 employees working on Project America were affected by temporary layoffs last week. The company said it would make every effort to reassign affected employees. Immediately, about 500 employees will be reassigned to other ongoing projects at the Ingalls Operations, while another 200 employees will be transferred to Northrop Grumman’s Avondale Operations facilities in Gulfport, Miss. Most of the remaining employees will be reassigned to Avondale Operations facilities in New Orleans, La.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1140 sec (9 req/sec)