Huntington Ingalls CFO says company expects to complete sale of oil and gas business this year

By Marjorie Censer / May 21, 2020 at 4:38 PM

Despite the coronavirus and a dramatic decline in the price of oil earlier this year, the sale of Huntington Ingalls Industries' oil and gas business continues, according to the company's chief financial officer.

In February, HII disclosed it had decided to divest its oil and gas business.

During an interview with Inside Defense today, Chris Kastner said the business is facing a "double whammy."

Even so, "that process is continuing and there are interested parties," he added.

"Valuation in this environment is a challenge as a buyer or a seller so I think everything has slowed down a lot," he said of acquisitions. "The volatility in the market has, I think, created a bit of a pause here."

However, HII is proceeding with the sale.

"We expect to get something done this year," Kastner added. "It's a good business; it's got some really good customers."