GD Awarded $91 M by US Navy for Virginia-class Submarine Work

General Dynamics Electric Boat has been awarded a $91.2 million contract modification by the U.S. Navy to provide lead-yard services for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD). Under the contract, Electric Boat will develop, maintain and update design drawings and data, including technology insertions, for each Virginia-class submarine throughout its construction and post-shakedown availability periods. Additionally, Electric Boat will perform research and development work required to evaluate new technology to be inserted in newly built Virginia-class ships. The contract has a potential value of $881 million through 2014 if all options are exercised and funded.
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Source: General Dynamics Corporation (NYSE: GD)
Date: Oct 28, 2011