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General Dynamics $12M Contract for Submarine Work

Maritime Activity Reports, Inc.

October 1, 2010

General Dynamics Electric Boat has been awarded a total of $11.7m by the U.S. Navy to support submarine maintenance and repair work at Portsmouth Naval Shipyard in Maine and Puget Sound Naval Shipyard in Washington. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

At Portsmouth Naval Shipyard, Electric Boat is supporting repair work in progress on the Los Angeles-class submarines USS Oklahoma City (SSN-723), USS Helena (SSN-725) and USS San Juan (SSN-751). The submarines scheduled for repair at Puget Sound Naval Shipyard are USS Seawolf (SSN-21), USS Pennsylvania (SSBN-735) and USS Michigan (SSGN-727).

The orderbook for U.S. dredgers is about $3B, and according to DCA CEO Bill Doyle, the incoming political administration could help this niche maritime sector continue its bull run.
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