GD Awarded $90 M for Development of Advanced Submarine TechnologiesGroton, Conn. - General Dynamics Electric Boat has been awarded an $89.9 million U.S. Navy contract modification to develop advanced submarine technologies for current and future undersea platforms. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the modification, Electric Boat will perform research and development work in support of a wide range of technology areas including manufacturability, maintainability, survivability, hydrodynamics, acoustics and materials. Electric Boat also will conduct research and development work in areas including manning, hull integrity, performance, ship control, logistics, weapons handling and stowage, and safety. Additionally, the contract supports near-term Virginia-class technology insertion, identification of Ohio-class replacement technology options, future submarine concepts and core technologies.
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Initially awarded in November 2010, the contract has a potential value of $711.4 million over five years if all options are exercised and funded.
Source : General Dynamics Corporation (NYSE: GD)