General Dynamics Electric Boat, a division of General Dynamics (NYSE: GD), has announced the receipt of a contract modification from the U.S. Navy, amounting to $967 million. This contract modification encompasses Lead Yard Support and Development as well as Design efforts for Virginia-class fast-attack submarines.

The modification to the existing contract, operating on a cost-plus-fixed fee basis, totals $967,185,528. The work will take place across various locations, including Groton, Connecticut; McLeansville, North Carolina; Newport News, Virginia; and Newport and Quonset Point, Rhode Island. The projected completion date for this contract is October 2024, with the contract awarded on September 29, 2023.

Kevin Graney, President of General Dynamics Electric Boat, expressed, "This contract award supports critical work to further advance the capability and superiority of the Virginia class submarine. 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 to fulfill a wide range of 21st-century mission requirements, including roles in anti-submarine and surface ship warfare, as well as support for special operations.

General Dynamics Electric Boat serves as the prime contractor and lead design yard for the Virginia class and collaborates in the ship construction with HII's Newport News Shipbuilding in Virginia.

Headquartered in Groton, Connecticut, General Dynamics Electric Boat specializes in the design, construction, repair, and modernization of nuclear submarines for the U.S. Navy, employing a workforce of over 21,000 individuals. Additional information about General Dynamics Electric Boat can be found at www.gdeb.com.

General Dynamics, a global aerospace and defense company, offers a diverse range of products and services across business aviation, ship construction and repair, land combat vehicles, weapons systems, munitions, and technology products and services. With a global workforce of over 100,000 employees, the company generated $39.4 billion in revenue in 2022. Further details about General Dynamics are available at www.gd.com.

Source:prnewswire.com