U.S. Navy: $481m Funding to GD For Next-gen Ballistic-Missile Submarine
The U.S. Navy has awarded General Dynamics Electric Boat a $480.6 million contract modification to continue the development of the lead Columbia-class submarine, the nation’s next-generation sea-based strategic deterrent. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The modification includes funding for advance procurement, advance construction and long lead time material for Columbia (SSBN 826). Construction of the lead ship of the class is scheduled to begin in the fall of 2020. The Navy plans to build a fleet of 12 new SSBNs.
Initially awarded in September 2017, the overall contract has a potential value of $6.1 billion.