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General Dynamics Electric Boat is Awarded Work Worth Up to $55 Million

GROTON, Conn. -- The U.S. Navy has awarded General Dynamics Electric Boat submarine engineering and life-cycle support work worth up to $55 million.

The largest of the awards - $38.3 million – will provide for design, engineering, material and logistics support for the Trident program. The award also supports work at Puget Sound Naval Shipyard to backfit older Trident submarines to accommodate D-5 missiles, and missile-tube maintenance at Kings Bay, Georgia.

Sixty percent of the work will be performed at Groton; 11 percent at the Newport engineering office and Quonset Point facility, both in Rhode Island; 13 percent at Bangor, Washington; and 5 percent at the Washington, D.C., engineering office.

Under the terms of the other award, Electric Boat will perform $4.2 million worth of planning work in support of Selected Restricted Availabilities (SRA) scheduled for USS Dallas (SSN-700) and USS Pittsburgh (SSN-720) in 2001. The option to perform the maintenance and upgrade work at the New London submarine base will be worth $12.4 million, bringing the total potential value for the SRAs to $16.6 million.

"This represents a significant amount of work for Electric Boat employees," said Electric Boat President Mike Toner. "It also underscores our continuing commitment to retain and build upon our core strengths – in these two cases, in engineering and life-cycle support."

Electric Boat is the industry leader in the design, construction and life-cycle support of nuclear submarines for the U.S. and employs 9,250 people. It is a wholly owned 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 43,000 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 - Wednesday, March 1, 2000
Press Contact: (703) 876-3190