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Electric Boat is Awarded $887 Million Contract Modification for Third Seawolf

GROTON, Conn. -- General Dynamics Electric Boat has signed a contract modification with the Navy to modify Jimmy Carter (SSN-23), the third and final Seawolf-class submarine. This modification – valued at about $887 million – will accommodate advanced technology for naval special warfare, tactical surveillance and mine warfare operations.

Defense Department studies have reported a need for the Navy to develop submarines with "improved payload capabilities and a flexible interface with the undersea environment, without sacrificing Seawolf-class warfighting capability." According to the Navy, this modification will accomplish those goals.

The modification will require alterations to the basic Seawolf design in the areas of ballast control, mission-management spaces, and various services. A unique feature of the modification is the creation of a flexible ocean interface, referred to as the "wasp waist," that will enable the Navy to deploy and recover various payloads without having to use torpedo tubes.

The contract modification changes the submarine’s delivery date from December 2001 to June 2004.

Electric Boat is the industry leader in the design, construction and life-cycle support of nuclear submarines for the United States and employs 9,250 people. It is a subsidiary of General Dynamics (NYSE: GD), headquartered in Falls Church, Virginia. General Dynamics has leading market positions in shipbuilding and marine systems, land and amphibious combat systems, information systems, and business aviation. The company employs 44,000 people worldwide and has annualized sales of approximately $10 billion.

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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Friday, December 10, 1999
Press Contact: (703) 876-3190