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January 4 2006

$13.9 million Navy contract for Electric Boat

The U.S. Navy has awarded a $13.9 million contract to General Dynamics Electric Boat for management and support of nuclear maintenance work for submarines home-ported at Submarine Base - New London, Conn. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the contract, Electric Boat will operate the Nuclear Regional Maintenance Department (NRMD) at the submarine base through September 2006. The company will provide project management, planning, training and radiological-control services to support maintenance, modernization and repairs. A core group of 22 Electric Boat employees is assigned to the NRMD, with surge groups of up to 110 shipyard employees assigned for short periods.

If all options are exercised and funded, the contract could be worth $61.8 million over three years.

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