General Dynamics Electric Boat has been awarded a $117.8 million contract modification from the U.S. Navy 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 advanced submarine research and development studies 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 additional areas including manning, hull integrity, performance, ship control, logistics, weapons handling 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.
Initially awarded in November 2010, the contract has a potential value of $710.6 million over five years if all options are exercised and funded.
Source: General Dynamics Corporation (NYSE: GD)
Date: May 31, 2012