GD Awarded $103 M by US Navy for Virginia-class Submarine Work
General Dynamics Electric Boat has been awarded a $102.8 million contract modification by the U.S. Navy to provide research and development and 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 undertake development studies and other work related to Virginia-class submarine design improvements. Additionally, Electric Boat will perform research and development work required to evaluate new technology to be inserted in newly built Virginia-class ships.
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This modification brings the cumulative value of the contract, initially awarded in 2010, to $1.1 billion.
This work will engage Electric Boat's engineering and design organization, which comprises more than 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) - view original press release