Electric Boat awarded $2 Billion for Virginia-Class Submarine Material

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Mar 19, 2019, 17:15 ET

GROTON, Conn., March 19, 2019 /PRNewswire/ -- The U.S. Navy has awarded General Dynamics Electric Boat a $2 billion contract modification for long lead time material to support construction of Block V Virginia-class submarines.

The award modifies a contract awarded in 2017 that provides funding for long lead time material for steam and electrical plant components, main propulsion unit and ship service turbine generator efforts and miscellaneous hull, mechanical and electrical system components. This modification brings the overall contract value to approximately $3.2 billion.

"This award allows Electric Boat and the submarine industrial base to continue to make preparations for construction of Block V, which will bring additional payload capacity to the Navy. Our team will continue to produce the world's most technologically advanced submarines, safely and efficiently," said Electric Boat President Jeffrey S. Geiger.

Block V submarines will include the Virginia Payload Module (VPM), an added section of the ship containing four large-diameter payload tubes. Extending the hull by 84 feet, the VPM will boost the submarine's strike capabilities.

Electric Boat employs about 17,000 people in Groton and New London, Connecticut; and Quonset Point, Rhode Island. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD). More information about General Dynamics is available at www.generaldynamics.com.

SOURCE General Dynamics Electric Boat