OREANDA-NEWS. December 18, 2012. General Dynamics Electric Boat has been awarded a U.S. Navy contract worth USD 41 million to perform non-nuclear submarine modernization and maintenance work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the contract, Electric Boat will continue operating the New England Maintenance Manpower Initiative at the Naval Submarine Base here, providing a wide range of non-nuclear overhaul, repair and modernization services in support of submarines, floating dry docks, support and service craft and other equipment at the base. About 250 Electric Boat employees will be engaged in the work.

The contract includes four annual options. If these options were exercised, the cumulative value of the contract would be USD 222.3 million