General Dynamics Electric Boat Awarded $533 Million for Virginia-Class Submarine Support

Rhea-AI Summary

General Dynamics Electric Boat, a unit of General Dynamics (NYSE: GD), has received a contract modification valued at $532.9 million from the U.S. Navy for support related to Virginia-class submarines. The work will take place in Groton, Connecticut, and Newport News, Virginia, with completion expected by October 2023. Kevin Graney, president of Electric Boat, emphasized the importance of this contract in maintaining the submarines' advanced warfighting capabilities for the U.S. Navy.

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• Awarded a $532.9 million contract modification for Virginia-class submarine support.
• Work expected to be completed by October 2023, ensuring continued support for the U.S. Navy.

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GROTON, Conn., Oct. 6, 2022 /PRNewswire/ -- General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it was awarded a U.S. Navy contract modification for lead-yard support, development studies and design efforts related to Virginia-class attack submarines.

The contract modification has a value of $532.9 million. Work will be performed in Groton, Connecticut, and Newport News, Virginia, and is expected to be completed by October 2023.

"We are proud to continue to support the design and engineering of Virginia-class submarines to ensure they have the superior warfighting capabilities the U.S. Navy needs to defend our Nation," said Kevin Graney, president of Electric Boat. "The continued evolution of the Virginia class over the last two decades guarantees our sailors the asymmetric advantage they deserve."

General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, the company employs approximately 18,000 people. More information about General Dynamics Electric Boat is available at gdeb.com.

General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $38.5 billion in revenue in 2021. More information about General Dynamics is available at www.gd.com.

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SOURCE General Dynamics Electric Boat

FAQ

What is the value of the contract awarded to General Dynamics Electric Boat for Virginia-class submarines?

The contract modification is valued at $532.9 million.

Where will the work on the Virginia-class submarine contract be performed?

The work will be performed in Groton, Connecticut, and Newport News, Virginia.

When is the expected completion date for the Virginia-class submarine contract?

The contract is expected to be completed by October 2023.

Who announced the contract modification for the Virginia-class submarines?

The announcement was made by General Dynamics Electric Boat.

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

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