U.S. Navy Awards General Dynamics $31 Million Contract for Virginia-Class Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $30.7 million contract to provide continued research and development studies related to Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under this contract, 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; five percent at Quonset Point, R.I.; and one percent at Newport, R.I.
This contract modifies an October 2005 award and brings the total contract value to $154 million. Work is expected to be completed by September 2007.
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. The third ship of the class, Hawaii (SSN-776), will be christened at Electric Boat on June 17, 2006.
General Dynamics, headquartered in Falls Church, Va., employs approximately 72,700 people worldwide and had 2005 revenue of $21.2 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. More information about the company can be found at www.generaldynamics.com.
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June 9, 2006
Contact: Robert A. Hamilton
Tel: (860) 433-8556
Email: Rhamilt1@ebmail.gdeb.com
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