General Dynamics Corp. (GD)

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General Dynamics Awarded $346 Million by U.S. Navy for Virginia-Class Submarine Work

GROTON, Conn., Dec. 10, 2018 /PRNewswire/ -- General Dynamics Electric Boat has been awarded a $346.5 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.

Initially awarded in 2016, the contract has a potential value of $1.3 billion through September 2019.

This work will engage Electric Boat's engineering and design organization, which comprises more than 5,000 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.

More information about Electric Boat is available at www.gdeb.com. More information about General Dynamics is available at http://www.generaldynamics.com.