U.S. Navy Awards General Dynamics $34 Million for SSGN Conversion Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $34 million contract modification to plan and facilitate the conversion of Trident SSBN submarines to Trident SSGNs, multimission submarines 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 announced in September 2002 for design and related support work to convert the first four Ohio-class ballistic-missile submarines to an SSGN configuration. If all options are exercised and funded, the contract will be worth a total of $654 million.
Under the terms of the contract modification, Electric Boat will establish onsite teams to facilitate the conversion of USS Ohio (SSBN-726) at Puget Sound Naval Shipyard in Washington and USS Florida (SSBN-728) at Norfolk Naval Shipyard in Virginia. Working with both naval shipyards, Electric Boat will plan and coordinate the conversion work, develop and manage related work packages, and provide material control.
Work will be performed at Groton, Conn. (36 percent); Norfolk, Va. (25 percent); Puget Sound, Wash. (24 percent) and Quonset Point, R.I. (15 percent). Completion of this aspect of the conversion work is expected by April 2004.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 64,600 people worldwide and estimates 2003 revenues of $15.5 billion. The company has leading market positions in mission-critical information systems and technologies, land and amphibious combat systems, 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 - Tuesday, September 16, 2003
Press Contact: (860) 433-8556
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