U.S. Navy Awards General Dynamics $62 Million Contract Modification for Virginia - class Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $61.5 million contract modification to provide lead yard services for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the modification, Electric Boat will maintain and update design drawings and data, including technology insertions, for all Virginia-class submarines throughout their construction and post-shakedown availability periods.
Work will be performed in Groton, Conn. (94 percent); Quonset, R.I. (5 percent); and Newport, R.I. (1 percent). Initially awarded in October 2005, the contract will be worth a total of $225 million when it is completed in September 2007.
Electric Boat and its construction partner, Northrop Grumman Newport News, have delivered two ships of the class to the Navy – USS Virginia (SSN-774) in October 2004 and USS Texas (SSN-775) in June 2006. Eight additional submarines are under contract.
General Dynamics, headquartered in Falls Church, Va., 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 about the company is available online at www.generaldynamics.com
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September 29, 2006
Contact: Robert A. Hamilton
Tel: (860) 433-8556
Email: Rhamiltl@ebmail.gdeb.com
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