The U.S Navy has awarded General Dynamics Electric Boat a $94 million contract for advance planning and preliminary execution of fire-restoration efforts on USS Miami (SSN-755). Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The USS Miami was damaged in a fire in May while it was in dry dock at the Portsmouth Naval Shipyard in Kittery, Maine, for a 20-month engineered overhaul. The fire-restoration efforts include assessment and analysis, planning and material procurement, fabrication and initial installation, and are expected to be completed by June 2013. The contract includes an option which, if exercised, would bring the cumulative value to $100 million. Approximately 300 Electric Boat employees will be involved in the work, which will be done in coordination with the ongoing engineered overhaul of USS Miami at Portsmouth Naval Shipyard in Kittery.
Source: General Dynamics Corporation (NYSE: GD)
Date: Sep 18, 2012