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General Dynamics Awarded $14.4M Contract Modification for Submarine Work

GROTON, Conn. – The U.S. Navy has awarded Electric Boat a $14.4 million contract modification for nuclear submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD). The award is a continuation of a contract awarded in May 1999 to provide design, engineering, material and logistics support for the Trident program, the Trident UK program, the two operational Seawolf-class submarines, NR-1, and efforts supporting Los Angeles-class ships.

Eighty-nine percent of the work will be performed at Groton; 6 percent at Kings Bay, Ga.; and 5 percent at Quonset Point, R.I. The contract work is expected to be completed by September 2002.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people worldwide and had 2001 revenues of $12 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.

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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 - Monday, March 18, 2002
Press Contact: (860) 433-8556

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