Navy Awards General Dynamics $15.5 Million for Post-Shakedown Work on USS Virginia
GROTON, Conn. – The U.S. Navy today awarded General Dynamics Electric Boat a $15.5 million contract modification to perform a range of work on USS Virginia (SSN-774) following its shakedown period. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The work, known as a Post-Shakedown Availability, comprises maintenance, repairs, alterations, testing and other activities and will be completed in November 2006. Ninety-nine percent of the work will be performed at Electric Boat’s shipyard here; one percent will be performed at Quonset Point, R.I. The award modifies a contract received earlier this year and brings its total funded value to $54.8 million.
The lead ship of its class, USS Virginia is the first of the Navy’s major combatants to be designed specifically for post-Cold War missions. Electric Boat has contracts to produce nine more Virginia-class ships with its construction teammate, Northrop Grumman.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 71,900 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 - Thursday, December 22, 2005
Press Contact: (860) 433-8556
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