General Dynamics Awarded $10.4 Million Contract Modification for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $10.4 million contract modification for nuclear-submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the award, Electric Boat will provide design, engineering, material and logistics support for the Trident program, the two operational Seawolf-class submarines, NR-1, and efforts supporting Los Angeles-class ships. Electric Boat will also provide planning, scheduling and technical support for submarine maintenance activities. The contract being modified was initially awarded in May 1999 and could be worth more than $742 million over five years if all options are exercised and funded.
The work will be performed at Groton (53 percent); Bangor, Wash. (25 percent); Kings Bay, Ga. (18 percent); Newport, R.I. (3 percent); and Quonset Point, R.I. (1 percent). Work performed under the modification is expected to be completed by March 2004.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 66,900 people worldwide and estimates 2003 revenues of $16.1 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 - Monday, December 1, 2003
Press Contact: (860) 433-8556
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