General Dynamics Electric Boat has been awarded a $152.4 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 maintain and update design drawings and data, including technology insertions, for each Virginia-class submarine throughout its construction and post-shakedown availability periods.
With the exercise of this option, the cumulative value of the contract at its completion in 2014 will be $921.4 million.
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: Sep 26, 2013