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General Dynamics Secures $967M Navy Contract Modification for Virginia-Class Submarine Support

A General Dynamics‘ (NYSE: GD) subsidiary has secured a $967 million contract modification to continue design, development and lead yard support services associated with the U.S. Navy’s Virginia-class fast-attack submarines.

General Dynamics Electric Boat will conduct contract work in Connecticut, North Carolina, Rhode Island and Virginia through October 2024, the company said Tuesday.

Naval Sea Systems Command will obligate $111 million in fiscal 2023 research, development, test and evaluation and fiscal 2021 shipbuilding and conversion funding, according to the Department of Defense.

Kevin Graney, president of General Dynamics Electric Boat, said the contract modification will enable the company to help advance the capability and superiority of the Navy’s fleet of Virginia-class submarines.

General Dynamics Electric Boat initially secured a $434.4 million contract in 2019 to help the service branch maintain and update submarine designs and associated data.

The company also received a $532.9 million contract modification in October 2022 with options that could bring the award’s cumulative value to $813.7 million.

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