The U.S. Navy awarded General Dynamics Electric Boat two contract modifications worth a total value of $16.8 million to perform nuclear and non-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 first contract, valued at $8.8 million , 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. Initially awarded in April 2013 , the contract has a potential value of $164 million over five years.
The second contract, valued at $8 million , Electric Boat will continue operating the New England Maintenance Manpower Initiative (NEMMI) at the submarine base. Electric Boat will provide a wide range of overhaul, repair and modernization services in support of nuclear submarines, floating dry-docks, support and service craft and other platforms and equipment. About 270 Electric Boat employees are engaged in the work. This contract was first awarded in December 2012 and has a potential value of $222.3 million over five years.
Source: General Dynamics Corporation (NYSE: GD)
Date: Nov 22, 2013