General Dynamics Awarded $14 Million Contract Modification for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $13.7 million contract modification for nuclear-submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the contract modification, Electric Boat will provide design agent, planning yard, engineering and technical support for nuclear submarines. Electric Boat will also conduct design and installation activities for shore-support facilities. Initially awarded in March 2004, the contract could be worth more than $1.1 billion over five years if all options are exercised and funded.
Ninety-four percent of the work will be performed at Groton; 3 percent at Bangor, Wash.; and 3 percent at Kings Bay, Ga. Work performed under this modification is expected to be completed by August 2007.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 81,900 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 can be found online at: www.generaldynamics.com.
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August 31, 2006
Contact: Robert A. Hamilton
Tel: (860) 433-8556
rhamilton@ebmail.gdeb.com
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