U.S. Navy Awards General Dynamics $162 Million to Convert USS Georgia to SSGN
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $162.4 million contract modification to convert the USS Georgia (SSBN-729) from a Trident ballistic-missile submarine to a Trident SSGN, a multimission submarine optimized for tactical strike and special-operations support. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
This award modifies a five-year, $443 million contract announced in September 2002 for design and related support work to convert the first four Trident ballistic-missile submarines to an SSGN configuration. If all options are exercised and funded, the contract will be worth a total of $1.4 billion.
Under the terms of the modification, Electric Boat will convert USS Georgia at Norfolk Naval Shipyard in Virginia, concurrent with the ship’s Engineered Refueling Overhaul. Seventy-seven percent of the conversion work will be performed at Norfolk; 16 percent at Quonset Point, R.I.; and 7 percent at Groton. The conversion is expected to be completed by September 2007.
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 17, 2005
Press Contact: (860) 433-8556
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