U.S. Navy Awards General Dynamics $268 Million for Virginia-class submarine engineering work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $268 million contract modification to provide lead construction 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 for all Virginia-class submarines, including technology insertions, throughout their construction and post-shakedown availability periods. In addition, Electric Boat will perform Virginia-class development and design studies.
Initially awarded in October 2005, the contract has a total potential value of $443.4 million for work to be completed through September 2009.
Electric Boat and its construction partner, Northrop Grumman Shipbuilding, have delivered five ships of the class to the Navy – USS Virginia (SSN-774), USS Texas, USS Hawaii (SSN-776), USS North Carolina (SSN-777) and New Hampshire (SSN-778). Five additional submarines are under contract.
General Dynamics, headquartered in Falls Church, Va., employs approximately 84,600 people worldwide and anticipates 2008 revenues of approximately $29.5 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. More information about the company is available on the Internet at www.generaldynamics.com.
October 1, 2008
Contact: Robert A. Hamilton
Tel: (860) 433-8556
Email: Rhamilt1@gdeb.com
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