General Dynamics Awarded $4.6 Billion for Submarine Programs
GROTON, Conn., Jan. 4, 2013
GROTON, Conn., Jan. 4, 2013 /PRNewswire/ --General Dynamics Electric Boat was
recently awarded three U.S. Navy contracts totaling $4.6 billion to design and
develop the next-generation strategic deterrent submarine, and to continue
construction and purchasing of materials for Virginia-class attack submarines.
Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under a five-year, $1.85 billion Ohio Replacement Program contract, Electric
Boat will perform research and development work for this new class of
ballistic-missile submarine, which is scheduled for a 2021 construction start.
Additionally, Electric Boat will continue development of the joint U.S. Navy /
Royal Navy Common Missile Compartment for Ohio Replacement submarines and the
UK Successor-class ballistic-missile submarine. The potential value of this
contract is $1.995 billion.
Electric Boat also received a $2.5 billion award to build two Virginia-class
submarines – South Dakota (SSN-790) and Delaware (SSN-791) – the 17^th and
18^th ships of the class. Construction of Virginia-class submarines is shared
between Electric Boat, the prime contractor, and its teammate, Newport News
Under the third award, Electric Boat will receive $308 million to purchase
long lead-time materials for the as-yet unnamed Virginia-class submarines
SSN-792, SSN-793 and SSN-794.
"These awards provide the stability to the submarine industrial base that will
allow us to achieve even greater cost reduction through improved efficiencies
in support of the Navy's submarine force-level requirements," said Electric
Boat President Kevin J. Poitras.
"We appreciate the support of the Connecticut and Rhode Island congressional
delegations, which are instrumental in educating their colleagues and others
about the vital national-security need for a strong submarine force, helping
to pave the way for these contracts," Poitras said.
More information about General Dynamics is available on the Internet at
SOURCE General Dynamics Electric Boat
Contact: Media: Robert Hamilton, General Dynamics Electric Boat,
+1-860-433-8556, or Investors: Amy Gilliland, General Dynamics,
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