GD Is Awarded $10 M for Submarine Maintenance and Modernization Work
The U.S Navy has awarded General Dynamics Electric Boat a $9.5 million contract modification to plan and perform maintenance and modernization work on USS Hartford (SSN-768), a Los Angeles-class attack submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the contract, Electric Boat will perform a dry-docking selected restricted availability at the company's shipyard in Groton. Work is expected to be completed by September 2013. More than 400 employees will be involved in the work at its peak.
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The contract being modified was initially awarded in April 2012 and has a potential value of $67 million.
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Source : General Dynamics Corporation (NYSE: GD)