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General Dynamics American Overseas Marine Wins Operations and Maintenance Contracts Worth Up To $140 Million

FALLS CHURCH, Va. -- General Dynamics American Overseas Marine (AMSEA) was recently awarded five contracts to operate and maintain ships for the U.S. government.

The first, from the U.S. Navy’s Military Sealift Command, is a $58 million contract for the operation and maintenance of eight fast sealift ships. The contract covers three years with two one-year options; if all options are exercised, the total value of the contract is $99 million.

The other four contracts, valued at a total of $41 million, are from the Department of Transportation, Maritime Administration. They call for AMSEA to operate and maintain nine ships for the Maritime Administration’s Ready Reserve Force.

These contracts bring to 22 the number of ships that AMSEA maintains and operates for the U.S. government. AMSEA, a wholly owned subsidiary of General Dynamics (NYSE: GD) and part of its Marine Systems group, is based in Quincy, Massachusetts, and employs approximately 300 people.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 43,000 people worldwide and has annualized sales of approximately $10 billion. The company has leading market positions in business aviation, information systems, shipbuilding and marine systems, and land and amphibious combat systems.

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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 - Thursday, May 4, 2000
Press Contact: (703) 876-3190