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  • Friday, November 22, 2024
https://investorrelations.gd.com/news/press-release-details/2022/General-Dynamics-Electric-Boat-Awarded-533-Million-for-Virginia-Class-Submarine-Support/default.aspx

General Dynamics Subsidiary Books $533M Navy Submarine Support Extension

General Dynamics‘ (NYSE: GD) Electric Boat subsidiary has secured a $532.9 million contract modification to continue design, development research and lead yard support services associated with the U.S. Navy’s Virginia-class attack submarines.

Contract work will occur at Electric Boat’s facilities in Groton, Connecticut, and Newport News, Virginia, through October 2023, the company said Thursday.

The modification has options that could bring the award’s cumulative value to $813.7 million, according to a Department of Defense notice posted Monday.

The company initially secured a $434.4 million contract in 2019 to help maintain and update submarine designs and associated data.

Kevin Graney, president of General Dynamics Electric Boat, said the latest award extends the company’s design and engineering support of the Virginia-class submarines to help the branch sustain advanced warfighting capabilities.

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