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Press release from PR Newswire

General Dynamics Awarded $89 Million by U.S. Navy for Virginia-class Submarine Work

Monday, November 19, 2012

General Dynamics Awarded $89 Million by U.S. Navy for Virginia-class Submarine Work12:00 EST Monday, November 19, 2012GROTON, Conn., Nov. 19, 2012 /PRNewswire/ -- General Dynamics Electric Boat has been awarded an $88.8 million contract modification by the U.S. Navy to provide research and development and lead-yard services for Virginia-class nuclear-powered attack submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).Under the contract, Electric Boat will undertake development studies and other work related to Virginia-class submarine design improvements. Additionally, Electric Boat will perform research and development work required to evaluate new technology to be inserted in newly built Virginia-class ships.The contract has a potential cumulative value of $881 million through 2014 if all options are exercised and funded.This work will engage Electric Boat's engineering and design organization, which comprises more than 4,000 employees. Possessing proven technical capabilities, these employees work on all facets of the submarine life cycle from concept formulation and design through construction, maintenance and modernization, and eventually to inactivation and disposal.More information about General Dynamics is available on the Internet at www.generaldynamics.com. SOURCE General Dynamics Electric BoatFor further information: Media: Robert Hamilton, +1-860-433-8556, Rhamilt1@gdeb.com; Investors: Amy Gilliland, +1-703-876-3748, agilliland@gd.com