General Dynamics Electric Boat awarded $322.6 million Navy contract

Investing.com -- General Dynamics (NYSE: GD) Electric Boat Corp. has been awarded a $322.6 million contract modification by the U.S. Department of Defense for submarine support services.

The cost-plus-fixed-fee modification to a previously awarded contract will fund engineering, technical, design agent, and planning yard support for operational strategic and attack submarines.

Work will be performed across multiple locations, with 70% taking place in Groton, Connecticut. Additional work will be conducted in Kings Bay, Georgia (13%), Bangor, Washington (10%), Pearl Harbor, Hawaii (3%), and Rhode Island locations including North Kingston (2%) and Newport (2%).

The project is expected to be completed by September 2025.

Funding for the contract comes from various Navy sources, including fiscal 2025 other procurement funds totaling $16.5 million (53%), operations and maintenance funds of $14.3 million (46%), and research, development, test and evaluation funds of $367,000 (1%).

The Naval Sea Systems Command in Washington, D.C. is serving as the contracting activity for this project.

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