GD Awarded $6M Contract Option

The U.S. Navy has awarded General Dynamics Electric Boat a $5.9 million contract option for advance procurement of on-board repair parts for the first four submarines of the Virginia Class. Electric Boat is a wholly owned subsidiary of General Dynamics. The option is part of a $4.2 billion contract the Navy awarded Electric Boat in 1998 for the construction of the first four ships of the class. The work will be shared between Electric Boat (55 percent) and Northrop Grumman Newport News (45 percent), Electric Boat's teammate in the Virginia- class construction, and will be completed by December 2007.