GD Awarded $25 M for Nuclear Submarine Services

(Groton, Conn., October 29, 2009) -- The U.S. Navy has awarded General Dynamics Electric Boat a $25 million contract for management and support of nuclear-maintenance work for submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD). The contract has a potential value of $78 million over three years if all options are exercised.

Under the contract, Electric Boat will continue to operate the Nuclear Regional Maintenance Department (NRMD) at the submarine base. The company will provide project management, planning, training and radiological-control services to support maintenance, modernization and repairs. A core group of about 25 Electric Boat employees is assigned to the NRMD, with surge groups of up to 100 shipyard employees assigned for short periods.

Source : General Dynamics Corporation (NYSE: GD)