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Press release from PR Newswire

General Dynamics Delivers Submarine Mississippi to U.S. Navy 363 Days Ahead of Schedule

Wednesday, May 02, 2012

General Dynamics Delivers Submarine Mississippi to U.S. Navy 363 Days Ahead of Schedule16:01 EDT Wednesday, May 02, 2012GROTON, Conn., May 2, 2012 /PRNewswire/ -- General Dynamics Electric Boat today delivered the nuclear-powered attack submarine Mississippi (SSN-782) to the U.S. Navy 363 days ahead of contract schedule and more than $60 million below target cost. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).John Holmander, vice president and Virginia program manager for General Dynamics Electric Boat, noted that Mississippi was at the most combat-ready state of any Virginia-class submarine at delivery. He credited the Navy, the shipbuilders and the supplier base for achieving significant shipbuilding benchmarks with the delivery of Mississippi.Mississippi is the ninth ship of the Virginia Class, the most advanced submarines in the world. These ships are providing the Navy with the capabilities it requires to retain its undersea dominance well into the 21st century. Mississippi will join the fleet in a commissioning ceremony June 2 in Pascagoula, Miss."When compared with the lead ship of the Virginia Class, we have reduced our construction span time by two years, and implemented improvements that reduced construction labor hours by 30 percent," Holmander said."These are remarkable achievements that demonstrate the skill and commitment of everyone involved in the Virginia-class submarine program," he said. "This kind of performance is the best way to help the Navy attain its shipbuilding goals and ensure our continuing success as a business."Electric Boat and its major subcontractor, Newport News Shipbuilding, have received contracts to build the first 18 submarines of a planned 30-ship Virginia Class under a unique teaming agreement.More information about General Dynamics is available on the Internet at www.generaldynamics.com.   SOURCE General Dynamics Electric BoatFor further information: Media: Robert Hamilton, General Dynamics Electric Boat, +1-860-433-8556; Investors: Amy Gilliland, General Dynamics, +1-703-876-3748