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NEWPORT NEWS SHIPBUILDING ANNOUNCES LICENSE AGREEMENT

 NEWPORT NEWS, Va., Feb. 25 /PRNewswire/ -- Newport News Shipbuilding (NNS) announced today that it has agreed with the Japanese shipyard Ishikawajima-Harima Heavy Industries Co., Ltd. (IHI) on the principal terms of a license that will allow the Newport News yard to build the world's most technologically advanced liquefied natural gas tankers. A detailed license will be consummated shortly.
 The agreement will allow NNS to build LNG carriers using the containment system of IHI design called the Self-Supporting Prismatic IMO Type-B (SPB). Many experts believe the SPB system provides the greatest benefits for both the ship operator in the area of safety and for the shipbuilder in the area of construction efficiency.
 "IHI is one of the leading shipbuilding technology companies in the world. Newport News looks forward to a strong cooperative and productive relationship," said NNS marketing Vice President Tom Balfour.
 Newport News Shipbuilding, a Tenneco subsidiary, is Virginia's largest private employer and the Western Hemisphere's largest privately owned shipyard. When details of this agreement are finalized, NNS will be licensed to build all principal types of LNG containment systems.
 IHI, headquartered in Tokyo, is the licensor for the SPB-type LNG containment system and also builds a variety of ships. IHI currently has two LNG tankers under construction: one for Phillips Oil Corp. and one for Marathon Oil Co.
 -0- 2/25/93
 /CONTACT: Jack Schnaedter or Lynda Whitley of Newport News Shipbuilding, 804-380-2946/
 (TGT)


CO: Newport News Shipbuilding ST: Virginia IN: MAR SU: LIC

CK-TS -- NY019 -- 0301 02/25/93 10:21 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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