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General Dynamics to Continue Virginia-Class Submarine Support Work Under $328M Navy Contract Modification

General Dynamics' (NYSE: GD) Electric Boat subsidiary has secured a $327.8M contract modification to continue development studies, design work and lead yard support for the U.S. Navy's Virginia-class submarines.

Naval Sea Systems Command will obligate $134.6M at the time of award, with nearly $66.8M of the initial obligated funds expiring at the end of the current fiscal year, the Department of Defense said Friday.

Electric Boat initially received a $434.4M award in October 2019 to help the branch update the design, drawings and data of the nuclear-powered fast attack submarine platform.

The partnership between shipbuilding businesses of General Dynamics and Huntington Ingalls Industries (NYSE: HII) will also build nine underwater vessels under a potential $24.1B Block V contract awarded in December.

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