GDEB Awarded $327.8M Navy Contract to Support Fleet Maintenance and Virginia-class Sub Development and Design Work

General Dynamics Electric Boat, a wholly-owned subsidiary of General Dynamics (NYSE:GD), has been awarded a $327.8 million cost-plus-fixed-fee contract modification for fiscal year 2020 for lead yard support, development studies and design efforts for Virginia-class submarines.

Under the contract modification, Electric Boat will undertake development studies and other work related to Virginia-class submarine design improvements, including incorporation of new technologies. The work will engage Electric Boat's engineering and design organization, which comprises more than 5,000 employees. 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.

"Over the life of the Virginia program, the shipbuilders of Electric Boat have made improvements to the design of each ship," said Kevin Graney, President, General Dynamics Electric Boat.  "This lead yard services contract will fund critical research and development work to further advance the stealth, capability and superiority of the Virginia class, providing our sailors with a greater advantage in the undersea domain."

Source: General Dynamics Corporation (NYSE: GD)
Date: Oct 13, 2020