The U.S. Navy has awarded General Dynamics Electric Boat a $20 million contract modification for 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 nuclear services to support maintenance, modernization and repairs. A core group of about 25 Electric Boat employees are assigned to the NRMD, with surge groups of up to 100 shipyard employees assigned for short periods.
The company has been awarded two initial contract modifications to date, valued at $25 million. The contract has a total potential value of $164 million over five years.
Source: General Dynamics Corporation (NYSE: GD)
Date: Apr 23, 2013