The U.S. Navy awarded General Dynamics’ (NYSE: GD) electric boat business a $517.2 million contract to supply components and perform maintenance on Virginia-class attack submarines.
The contract extends the service branch’s previous procurement and delivery order for spare parts from General Dynamics Electric Boat, which was last modified in May, the company said Tuesday.
General Dynamics Electric Boat has been working with HII‘s (NYSE: HII) Newport News Shipbuilding division to build the Virginia-class submarines. Contract modifications were made by the Navy in 2019 and 2021 to expand its agreement with the General Dynamics subsidiary over the construction and sustainment of the fleet.
Work on the latest delivery order will be performed in Groton and Pawcatuck, Connecticut.
“The shipbuilders of Electric Boat are proud to continue our role providing lifecycle maintenance support to the U.S. Navy’s operational submarine fleet in keeping with our mission to provide sailors with the advantage that helps protect our nation,” said Kevin Graney, president of General Dynamics Electric Boat.
