General Dynamics Receives $101 Million U.S. Navy Award for Ohio Replacement Submarine Development

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Oct 05, 2016, 03:30 ET

GROTON, Conn., Oct. 5, 2016 /PRNewswire/ -- The U.S. Navy has awarded General Dynamics Electric Boat a $101.3 million contract modification to continue development of the Common Missile Compartment for the Navy's Ohio Replacement submarine and the United Kingdom's Successor-class ballistic-missile submarine. The modification is for the procurement of 22 missile tubes to support the manufacturing of the Common Missile Compartment. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Initially awarded in December 2012, the five-year, $1.85 billion contract calls for Electric Boat to perform research and development work for the Navy's next-generation ballistic-missile submarine, which is scheduled to begin construction in 2021. The potential value of the overall contract is $2.5 billion.

More information about Electric Boat is available at www.gdeb.com. More information about General Dynamics is available at www.generaldynamics.com.

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SOURCE General Dynamics Electric Boat