GD Awarded $115 M by US Navy for Virginia-Class Submarine Work

General Dynamics Electric Boat has been awarded a $115.3 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 modification, 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 technologies to be inserted in newly built Virginia-class ships, including the Virginia Payload Module.

The contract was initially awarded in 2016 and has a potential value of $431 million.

Source: General Dynamics Corporation (NYSE: GD)
Date: Aug 18, 2017