General Dynamics Awarded $59M Contract for Submarine Work
By: General Dynamics Corporation
GROTON, Conn. - The U.S. Navy has awarded General Dynamics Electric Boat a $58.7 million contract modification for nuclear-submarine modernization and maintenance work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the contract modification, Electric Boat will provide drawings and related data; planning; scheduling; and technical support required to complete engineered overhauls and extended refit periods for operational submarines. Initially awarded in March 2004, the contract could be worth more than $1.1 billion over five years if all options are exercised and funded.
Fifty-nine percent of the work will be performed at Groton; 19 percent at Bangor, Wash.; 16 percent at Kings Bay, Ga.; five percent at Newport, R.I., and one percent at Quonset Point, R.I. Work performed under this modification is expected to be completed by September 2007.