Navy Awards GD $48.2M

Thursday, September 26, 2002
The U.S. Navy has awarded General Dynamics Electric Boat, a wholly owned subsidiary of General Dynamics, a $48.2 million modification to an existing contract for research and development work on the Virginia-Class submarine program. The contract was initially awarded in September 2000, and could be worth $480 million over five years if all options are exercised and funded. Under the terms of this modification, Electric Boat will perform development studies for Virginia-Class design improvements, and will continue to evaluate new technologies for insertion into succeeding Virginia-Class submarines. The Virginia Class will provide the U.S. Navy with the capabilities it requires to maintain its undersea superiority well in the 21st century. Electric Boat and its construction teammate, Northrop Grumman Newport News, are currently building the first four ships of the class under a $4.2 billion contract. Electric Boat will deliver the lead ship, Virginia (SSN-774), in 2004. A total of 30 submarines are planned for the class.

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