GROTON, Conn., March 18 (UPI) -- Electric Boat has won a new $49.8 million U.S. Navy nuclear submarine design and modification contract.
"The U.S. Navy has awarded General Dynamics Electric Boat a $49.8 million contract modification for nuclear-submarine support work. Electric Boat is a wholly owned subsidiary of General Dynamics," General Dynamics said in a statement earlier this month.
"Under the terms of the contract modification, Electric Boat will provide design and modernization services to support major submarine alterations. Additionally, Electric Boat will provide materials to support installation of hull, mechanical and electrical components; command and control systems; and subsystem design changes. Work performed under the modification is expected to be completed by September 2008," General Dynamics said.
"Initially awarded in March 2004, the contract could be worth more than $1.1 billion over five years if all options are exercised and funded," the company said.
General Dynamics is based in Falls Church, Va. and has a global staff of 83,500 with 2007 revenues of $27.2 billion. The company describes itself as "a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies."