General Dynamics Electric Boat has been awarded a $100.4 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.
The contract has a potential cumulative value of $881 million through 2014 if all options are exercised and funded.
This work will engage Electric Boat’s engineering and design organization, which comprises more than 4,000 employees. Possessing proven technical capabilities, these employees work on all facets of the submarine lifecycle from concept formulation and design through construction, maintenance and modernization, and eventually to inactivation and disposal.
Source: General Dynamics Corporation (NYSE: GD)
Date: Oct 3, 2012