General Dynamics (GD) Unit Receives Modification to $881M Navy Contract

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General Dynamics Electric Boat has been awarded an $88.8 million contract modification by the U.S. Navy to provide research and development and lead-yard services for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the contract, Electric Boat will undertake development studies and other work related to Virginia-class submarine design improvements. Additionally, Electric Boat will perform research and development work required to evaluate new technology to be inserted in newly built Virginia-class ships.

The contract has a potential cumulative value of $881 million through 2014 if all options are exercised and funded.

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