The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier, 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 the planning activities required to conduct an interim dry-docking period, 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 600 employees at its peak. The work is scheduled for completion by February 2018.
The contract has a potential value of $259.6 million if all options are exercised.
Source: General Dynamics Corporation (NYSE: GD)
Date: May 29, 2015