The U.S. Navy has awarded General Dynamics Electric Boat a $16.3 million contract to perform 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).
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 approximately 25 Electric Boat employees are assigned to the NRMD, with surge groups of up to 100 shipyard employees assigned for short periods.
The contract has a potential value of $23.6 million over 9 months.
Source: General Dynamics Corporation (NYSE: GD)
Date: Aug 9, 2012