General Dynamics Electric Boat awarded $327.8 million Navy contract to support fleet maintenance and Virginia-class sub development and design work

Rhea-AI Summary

General Dynamics Electric Boat has been awarded a $327.8 million contract modification for fiscal year 2020 to enhance Virginia-class submarines. This contract includes development studies and design improvements aimed at incorporating new technologies. Electric Boat's engineering team, comprising over 5,000 employees, will work throughout the submarine life cycle, from design to decommissioning. The initiative is expected to advance the stealth and capabilities of the Virginia-class, providing operational advantages for the Navy.

Positive

• Awarded a significant contract modification worth $327.8 million, enhancing the Virginia-class submarine program.
• Engages over 5,000 employees, contributing to job security and workforce utilization.
• Focus on incorporating new technologies to advance submarine stealth and operational capabilities.

Negative

• None.

GROTON, Conn., Oct. 13, 2020 /PRNewswire/ -- General Dynamics Electric Boat, a wholly-owned subsidiary of General Dynamics (NYSE:GD), has been awarded a $327.8 million cost-plus-fixed-fee contract modification for fiscal year 2020 for lead yard support, development studies and design efforts for Virginia-class submarines. 

Under the contract modification, Electric Boat will undertake development studies and other work related to Virginia-class submarine design improvements, including incorporation of new technologies. The work will engage Electric Boat's engineering and design organization, which comprises more than 5,000 employees. These employees work on all facets of the submarine life cycle from concept formulation and design through construction, maintenance and modernization, and eventually to inactivation and disposal.

"Over the life of the Virginia program, the shipbuilders of Electric Boat have made improvements to the design of each ship," said Kevin Graney, President, General Dynamics Electric Boat.  "This lead yard services contract will fund critical research and development work to further advance the stealth, capability and superiority of the Virginia class, providing our sailors with a greater advantage in the undersea domain."

General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. General Dynamics employs more than 100,000 people worldwide and generated $39.4 billion in revenue in 2019. More information about Electric Boat is available at www.gdeb.com. More information about General Dynamics is available at www.gd.com.

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SOURCE General Dynamics Electric Boat

FAQ

What is the amount of the contract awarded to General Dynamics Electric Boat?

General Dynamics Electric Boat was awarded a contract modification worth $327.8 million.

What is the purpose of the $327.8 million contract modification?

The contract modification is for lead yard support, development studies, and design efforts for Virginia-class submarines.

How many employees work on Virginia-class submarines at Electric Boat?

Electric Boat employs over 5,000 engineers and designers working on the Virginia-class submarines.

When was the contract modification awarded?

The contract modification was awarded for fiscal year 2020.

What improvements will the Virginia-class submarine design focus on?

The design improvements will focus on incorporating new technologies to enhance stealth and operational capabilities.