General Dynamics Awarded $78 Million for Virginia-class Submarine Procurement

GROTON, Conn. – The U.S. Navy has award­ed Gen­er­al Dynam­ics Elec­tric Boat a $78 mil­lion con­tract to buy long lead-time mate­r­i­al for the Vir­ginia-class sub­ma­rine SSN-792. Elec­tric Boat is a whol­ly owned sub­sidiary of Gen­er­al Dynam­ics (NYSE: GD). 

The con­tract pro­vides fund­ing for steam and elec­tri­cal-plant com­po­nents, the main propul­sion unit and ship-ser­vice tur­bine gen­er­a­tor set, as well as mis­cel­la­neous hull, mechan­i­cal and elec­tri­cal-sys­tems com­po­nents to sup­port con­struc­tion of SSN-792, which will begin in 2014. 

Hailed as mod­el defense-acqui­si­tion pro­gram for its tech­ni­cal excel­lence and sched­ule per­for­mance, the Vir­ginia-class sub­ma­rine pro­gram pro­vides the Navy with the capa­bil­i­ties required to dom­i­nate both the open ocean and the lit­torals. In part­ner­ship with the Navy, Elec­tric Boat is suc­cess­ful­ly pur­su­ing its goal to reduce ship costs while main­tain­ing capa­bil­i­ties through over­all effi­cien­cy improve­ments, decreased ship-con­struc­tion labors costs and short­ened ship-con­struc­tion cycle times. 

Source:
Gen­er­al Dynamics