U.S. Navy Awards General Dynamics $322 Million for Nuclear-Submarine Support Work

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Sep 17, 2015, 10:00 ET

GROTON, Conn., Sept. 17, 2015 /PRNewswire/ -- The U.S. Navy has awarded a $321.7 million contract option to General Dynamics Electric Boat to provide planning yard work, engineering and technical support for nuclear submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under this option, Electric Boat will provide design, engineering, material and logistics support, and research and development activities for active U.S. submarines and submersibles. Electric Boat also will provide information services, planning, scheduling and technical support for submarine maintenance and modernization activities, training and facility support, and affordability/cost reduction support.

The contract will be worth approximately $1.5 billion over five years if all options are exercised and funded.

This work will engage Electric Boat's engineering and design organization, which comprises more than 4,400 employees. Possessing proven technical capabilities, these employees work on all facets of the submarine life cycle from concept formulation and design through construction, maintenance and modernization, and eventually to inactivation and disposal.

Electric Boat has established standards of excellence in the design, construction and life-cycle support of U.S. Navy submarines. In its position as an industry leader, Electric Boat remains committed to advancing its technical strengths, while providing the business expertise to effectively manage the challenges of nuclear-submarine production. The company's primary locations are in Groton, Conn., New London, Conn., and Quonset Point, R.I. Its current workforce is approximately 14,000 employees. For more information about Electric Boat, please visit www.gdeb.com.

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

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SOURCE General Dynamics Electric Boat