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Navy Awards General Dynamics $6.3 Million Contract Option for Sub Parts

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $6.3 million contract option to provide on-board repair parts for the Virginia-class submarine, North Carolina (SSN-777). Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Work will be performed at Electric Boat in Groton (55 percent) and at Northrop Grumman’s Newport News shipyard (45 percent) in Virginia. Northrop Grumman is Electric Boat’s teammate in the Virginia-class submarine program.

The option was exercised under the $4.2 billion contract awarded to Electric Boat in September 1998 for the construction of the first four Virginia-class submarines. The lead ship of the class, USS Virginia (SSN-774), was delivered to the Navy by Electric Boat in October 2004.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 71,600 people worldwide and anticipates 2004 revenue in excess 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 - Friday, January 7, 2005
Press Contact: (860) 433-8556

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