General Dynamics awarded $429 million by U.S. Navy for nuclear-submarine support

GROTON, CT. 17, Oct. 2011. The U.S. Navy has awarded a $429 million contract modification 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 the terms of this award Electric Boat will provide design, engineering, material and logistics support, and research and development activities for active U.S. submarines and submersibles. Electric Boat will also provide information services, planning, scheduling and technical support for submarine maintenance and modernization activities, training and facility support, and cost reduction support.

The contract, which was initially awarded in October 2010, will be worth approximately $1.2 billion over three years if all options are exercised and funded.