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U.S. Navy Awards General Dynamics $54.6M for SSGN Material Procurement

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $54.6 million contract modification to procure long-lead time material for the Trident SSGN, a multimission submarine optimized for covert strike and special operations support. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

This award modifies a five-year, $443 million contract, awarded in September 2002, for the detailed design and related support work to convert the first four Ohio-class ballistic-missile submarines (also known as Tridents) to an SSGN configuration. If all options are exercised and funded, the contract will be worth a total of $544 million.

The submarines to be converted, coincident with their mid-life refuelings, are USS Ohio (SSBN-726), USS Michigan (SSBN-727), USS Florida (SSBN-728) and USS Georgia (SSBN-729). Electric Boat designed and built all 18 ships of the Ohio class. Under the modification, Electric Boat will procure long lead-time material for USS Michigan, USS Florida and USS Georgia. Similar procurement is already under way for USS Ohio, the first ship scheduled for conversion.

With the capacity to carry up to 154 Tomahawk missiles and 102 Special Operations troops, SSGNs are considered prime examples of military transformation initiatives. Additionally, SSGNs will serve as platforms to develop and test new weapons systems, sensors and operational concepts that could further transform naval warfare.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people worldwide and anticipates 2002 revenues of approximately $14 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 - Friday, December 20, 2002
Press Contact: (860) 433-8556