Hello, Guest!
  • Sunday, April 28, 2024
Photo / General Dynamics

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.

Video of the Day

Related Articles

General Dynamics Unit Books $217M Navy Contract for Virginia-Class Submarine Materials Contract Awards

General Dynamics Unit Books $217M Navy Contract for Virginia-Class Submarine Materials

General Dynamics’ (NYSE: GD) Electric Boat subsidiary has secured a potential $216.5 million contract from the U.S. Navy to provide long-lead-time materials in support of construction work on two Virginia-class submarines. Work on SSN 814 and SSN 815 fast-attack submarines will occur in Minnesota, Illinois, Pennsylvania, New Jersey, Connecticut, Massachusetts, Ohio, California, Washington and other

HII Logs 4.7% Q2 Revenue Growth; Chris Kastner Offers Update on Shipbuilding Programs Financial Reports

HII Logs 4.7% Q2 Revenue Growth; Chris Kastner Offers Update on Shipbuilding Programs

HII (NYSE: HII) saw its second-quarter revenue for fiscal year 2023 climb 4.7 percent to $2.8 billion and reported net earnings of $130 million and diluted earnings per share of $3.27 for the quarter. The military shipbuilding company said Thursday Q2 new contract awards reached about $2.6 billion and that it ended the quarter with

General Dynamics Reports 10.5% Jump in Q2 Revenue; Phebe Novakovic on Plans to Further Grow Munitions Capacity Financial Reports

General Dynamics Reports 10.5% Jump in Q2 Revenue; Phebe Novakovic on Plans to Further Grow Munitions Capacity

General Dynamics (NYSE: GD) saw its revenue increase 10.5 percent year-over-year to $10.2 billion during the second quarter of fiscal 2023 and reported net earnings of $744 million and $2.70 in diluted earnings per share. The Reston, Virginia-based defense and aerospace contractor said Wednesday it achieved a record-high backlog of $91.4 billion with a book-to-bill