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General Dynamics Awarded $209 Million For Future Virginia-class Submarines

Stocks in this article: GD

GROTON, Conn., July 1, 2013 /PRNewswire/ -- The U.S. Navy has awarded General Dynamics Electric Boat a $208.6 million contract modification to buy long lead-time material for three Virginia-class submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Recognized as a model defense-acquisition program for its technical excellence and schedule performance, the Virginia-class submarine program provides the Navy with the capabilities required to dominate both the open ocean and the littorals. In partnership with the Navy, Electric Boat is driving innovative cost-saving efforts, without impacting capabilities, through overall efficiency improvements, decreased ship-construction labors costs and shortened ship-construction cycle times.

As a result of this successful program performance and demand for the versatile capabilities of the Virginia-class submarine, the Navy authorized Electric Boat to start construction of two submarines per year beginning in 2011. This contract provides funding for the second fiscal year (FY) 14 Virginia-class submarine, SSN-793, and two FY 15 submarines, SSN-794 and SSN-795. Items funded include steam and electrical-plant components, main propulsion unit and ship-service turbine generator sets, and miscellaneous hull, mechanical and electrical-systems components to support construction of the submarines.

With this modification, the overall contract is worth $595 million. It was initially awarded in April 2012.

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

www.gdeb.com 



SOURCE General Dynamics Electric Boat

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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