General Dynamics Awarded $174 Million Contract for Submarine Work

The U.S. Navy today awarded General Dynamics Electric Boat a $174 million contract for nuclear-submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the contract, Electric Boat will provide design agent, planning yard, and engineering services, as well as technical support for active nuclear submarines and submersible systems. The contract could be worth more than $1 billion over five years if all options are exercised and funded.

Seventy percent of the work will be performed at Groton; 13 percent at Kings Bay, Ga.; 10 percent at Bangor, Wash.; 3 percent at Pearl Harbor, Hawaii; and 2 percent at Newport and Quonset Point, R.I. Work performed under this contract is expected to be completed by September 2023.

General Dynamics Electric Boat has established standards of excellence in the design, construction and lifecycle support of U.S. Navy submarines. In its position as an industry leader, Electric Boat remains committed to applying its technical and business expertise to effectively manage the challenges of nuclear-submarine production. The company’s three primary locations are in Groton and New London, Conn.; and Quonset Point, R.I. Its current workforce is approximately 17,000 employees.

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