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GD Electric Boat Wins Potential $881M Nuclear Submarine Award

The U.S. Navy has awarded General Dynamics‘ (NYSE: GD) subsidiary Electric Boat a $91.2 million contract modification to provide lead-yard services for Virginia-class nuclear-powered attack submarines.

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

Electric Boat will develop, maintain and update design drawings and data, including technology insertions, for each Virginia-class submarine throughout its construction and post-shakedown availability periods.

The company will also perform research and development efforts to evaluate new technology to be inserted in newly built Virginia-class ships.

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