General Dynamics Awarded $116 Million for Virginia-Class Submarine Design and Development
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $116.4 million contract modification for Virginia-class submarine lead-yard services, development studies and design efforts. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the modification, the company will update and support design drawings and data for each Virginia-class submarine, including technology insertion, before, during and after construction. Electric Boat also will provide all engineering and related lead-yard services necessary for maintenance and support of Virginia-class submarine specifications.
In addition, the company will conduct development studies supporting the submarine’s design and design improvements, preliminary and detail component and system design, and integration of design, test, logistics, production and system engineering. The data collected during the studies will be used to identify and evaluate potential technologies for future Virginia-class submarines.
The contract was initially awarded in October 2005 and will be worth $890 million if all options are exercised and funded; the period of performance is through September 2009.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 82,600 people worldwide and had 2006 revenues of $24.1 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.
July 17, 2007
Contact: Robert A. Hamilton
Tel: (860) 433-8556
Email: rhamilton@gdeb.com
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