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General Dynamics Awarded $24 Million For Maintenance and Operation of Military Sealift Ships

QUINCY, Mass. – The U.S. Navy Military Sealift Command has awarded General Dynamics American Overseas Marine a $24 million contract for the maintenance and operation of nine Large Medium-Speed Roll On/Roll Off (LMSR) vessels. American Overseas Marine is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the contract, American Overseas Marine will provide qualified ship officers and crews, operational and technical support (ashore and afloat), equipment, tools, provisions and supplies to operate, maintain and repair the vessels. If all options are exercised and funded, the contract will be worth a total of $123 million over five years.

With this award, American Overseas Marine will operate and maintain a total of 32 ships for the U.S. Navy and the U.S. Maritime Administration.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 69,400 people worldwide and anticipates 2004 revenue of $19 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; 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, August 31, 2004
Press Contact: (617) 376-8459