General Dynamics Receives $1.3 Billion Contract Modification For Virginia-class Submarine Procurement
January 2, 2007
Contact: Robert A. Hamilton
Tel: (860) 433-8556
Email: rhamilton@ebmail.gdeb.com
GROTON, Conn. – On Dec. 28, 2006, the U.S. Navy awarded General Dynamics Electric Boat a $1.3 billion contract modification that provides funding for the construction of the ninth Virginia-class submarine (SSN-782) and advance procurement for the 10th ship of the class. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The award modifies an August 2003 contract for the construction of six Virginia-class submarines at a rate of one per year from FY 03 through FY 08; the total value of the contract is $8.4 billion. In all, Electric Boat and its construction teammate, Northrop Grumman, have received contracts to build 10 ships of the class.
The contract modification provides $1.1 billion for construction of SSN-782; and $175.2 million in advance procurement for SSN-783.
General Dynamics, headquartered in Falls Church, Va., employs approximately 81,100 people worldwide, and expects 2006 revenues of approximately $24 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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