GD: $346m for USN Virginia-Class Submarine Work

General Dynamics Electric Boat has been awarded a $346.5 million contract modification by the U.S. Navy to provide research and development and lead-yard services for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the contract modification, Electric Boat will undertake development studies and other work related to Virginia-class submarine design improvements. Additionally, Electric Boat will perform research and development work required to evaluate new technologies to be inserted in newly built Virginia-class ships, including the Virginia Payload Module.

Initially awarded in 2016, the contract has a potential value of $1.3 billion through September 2019.