General Dynamics Electric Boat Awarded $967 Million Contract Modification for Virginia-Class Submarines

GROTON, Conn., Oct. 3, 2023 /PRNewswire/ -- General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a $967 millioncontract modification from the U.S. Navy for Lead Yard Support and Development and Design efforts for Virginia-class fast-attack submarines.

The cost-plus-fixed fee modification to a previously awarded contract totals $967,185,528. Work will be performed in Groton, Connecticut; McLeansville, North Carolina; Newport News, Virginia; and Newport and Quonset Point, Rhode Island. Work is expected to be completed by October 2024. This contract was awarded on September 29. 2023.

"This contract award supports critical work to further advance the capability and superiority of the Virginia class submarine," said Kevin Graney, president of General Dynamics Electric Boat. "We are proud to continue our tradition of delivering this state-of the-art platform that ensures the safety of our sailors and their continued dominance in the undersea domain."

Virginia-class submarines are designed for the full range of 21st-century mission requirements, including anti-submarine and surface ship warfare and special operations support.

General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class and constructs the ships in a teaming arrangement with HII's Newport News Shipbuilding in Virginia.

General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut, the company employs more than 21,000 people. More information about General Dynamics Electric Boat is available at www.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 $39.4 billion in revenue in 2022. More information about General Dynamics is available at www.gd.com.

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SOURCE General Dynamics