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General Dynamics Awarded $5.5 Million Contract Modification for U.S. Navy Nuclear Work

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $5.5 million modification to a previously awarded contract to manage and support nuclear-maintenance work for submarines homeported at Naval Submarine Base New London in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the contract modification, Electric Boat will continue to operate the Nuclear Regional Maintenance Department (NRMD) at the submarine base through Sept. 30, 2005. The company will provide project management, planning, training and radiological-control services to support maintenance, modernization and repairs in support of operational submarines. A core group of about 30 Electric Boat employees are assigned to the NRMD, with surge groups of up to 80 shipyard employees for short periods.

The contract was initially awarded in March 2001 and has a potential value of $89 million over five years.

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 - Thursday, January 20, 2005
Press Contact: (860) 433-8556



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