U.S. Navy Awards General Dynamics $107 Million for Virginia-class Submarine Development Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $107.3 million contract to provide lead-yard services and research and development studies for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
As the Virginia program’s lead yard, Electric Boat will provide a wide range of services to improve design, construction and test activities for each submarine of the class throughout its construction and Post-Shakedown Availability periods. Additionally, Electric Boat will perform research and development studies to evaluate new technologies for insertion in Virginia-class ships. Ninety-four percent of the work will be done at Groton; 5 percent at Quonset Point, R.I.; and 1 percent at Newport, R.I. Completion of this work is scheduled for Sept. 30, 2006.
Electric Boat delivered the first submarine of the class, USS Virginia (SSN-774), to the Navy in October 2004. With its construction partner Northrop Grumman, the company has contracts to build another nine Virginia-class ships.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 70,800 people worldwide and had 2004 revenue of $19.2 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 - Monday, October 3, 2005
Press Contact: (860) 433-8556
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