General Dynamics Electric Boat has been awarded a $126.5 million contract by the U.S. Navy for long lead time material for the first two Block V Virginia-class submarines, SSN-802 and SSN-803. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The contract provides funding for steam and electric-plant components, the main propulsion units and ship-service turbine generators, and miscellaneous hull, mechanical and electrical-system components to support construction of the two submarines beginning in fiscal year 2019.
Block V will include submarines with the Virginia Payload Module (VPM), which comprises four additional large-diameter payload tubes in a new hull section inserted amidships. Extending the hull by 84 feet, the VPM will boost strike capacity by more than 230 percent per ship and enable distribution of strike assets, giving theater commanders greater discretion in staging payloads.
Source: General Dynamics Corporation (NYSE: GD)
Date: Feb 16, 2017