The U.S. Navy has awarded General Dynamics Electric Boat a $24.1 million contract modification to perform reactor-plant planning yard services for nuclear submarines and support-yard services for moored training ships. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Initially awarded in November 2011, the contract has a potential cumulative value of $121.2 million through 2016 if all options are exercised and funded. Most of the work will be performed in Groton, with the remainder taking place in Charleston, S.C., where the moored training ships are based.
This work will engage Electric Boat's engineering and design organization, which comprises 4,400 employees. Possessing proven technical capabilities, these employees work on all facets of the submarine life cycle from concept formulation and design through construction, maintenance and modernization, and eventually to inactivation and disposal.
Source: General Dynamics Corporation (NYSE: GD)
Date: Oct 22, 2015