General Dynamics Awarded $50 Million Contract for Submarine Technical and Engineering Support

The U.S. Navy has awarded General Dynamics Electric Boat a $49.8 million contract modification for nuclear-submarine support work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the contract modification, Electric Boat will provide design and modernization services to support major submarine alterations. Additionally, Electric Boat will provide materials to support installation of hull, mechanical and electrical components; command and control systems; and subsystem design changes. Work performed under the modification is expected to be completed by September 2008.

Initially awarded in March 2004, the contract could be worth more than $1.1 billion over five years if all options are exercised and funded.