The U.S. Navy has awarded General Dynamics Electric Boat a $41.6 million contract modification to perform routine maintenance and modernization work on the USS Hartford (SSN-768), a Los Angeles-class attack submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the contract, Electric Boat will perform a dry-docking selected restricted availability, which consists of maintenance work, upgrades and modernization activities required to ensure the submarine is operating at full technical capacity. The work will take place at the Electric Boat shipyard in Groton and involve up to 417 employees at its peak. It is scheduled for completion in July 2013.
The contract was initially awarded in April 2012 and has a potential value of $58.7 million if all options are exercised.
Source: General Dynamics Corporation (NYSE: GD)
Date: Feb 4, 2013