General Dynamics $25M Submarine Contract
The U.S. Navy has awarded General Dynamics Electric Boat a $25m contract for management and support of nuclear-maintenance work for submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE:GD). The contract has a potential value of $78m over three years if all options are exercised.
Under the contract, Electric Boat will continue to operate the Nuclear Regional Maintenance Department (NRMD) at the submarine base. The company will provide project management, planning, training and radiological-control services to support maintenance, modernization and repairs. A core group of about 25 Electric Boat employees is assigned to the NRMD, with surge groups of up to 100 shipyard employees assigned for short periods.