Navy Awards General Dynamics $62m Contract Modification

The U.S. Navy has awarded General Dynamics Electric Boat a $61.5 million contract modification to provide lead yard services for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD). Under the modification, Electric Boat will maintain and update design drawings and data, including technology insertions, for all Virginia-class submarines throughout their construction and post-shakedown availability periods. Work will be performed in Groton, Conn. (94 percent); Quonset, R.I. (5 percent); and Newport, R.I. (1 percent). Initially awarded in October 2005, the contract will be worth a total of $225 million when it is completed in September 2007.