General Dynamics $10M Navy Sub Contract

The U.S. Navy has awarded General Dynamics Electric Boat a $10.2m contract modification to perform maintenance and modernization work on the USS Miami (SSN-755), a Los Angeles-class attack submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE:GD).

Under the terms of the contract, Electric Boat will perform a Docking Continuous Maintenance Availability, which consists of repairs, maintenance work, alterations and testing. The work will take place at Electric Boat's Groton shipyard and involve more than 200 employees at its peak. Scheduled for completion by August 2010, the contract will be worth $12.2m if all options are exercised and funded.

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