General Dynamics Electric Boat has been awarded an $11M contract modification from the U.S. Navy to support research and development of advanced submarine technologies for current and future undersea platforms. Electric Boat is a wholly owned subsidiary of General Dynamics (GD). Under the terms of the modification, Electric Boat will perform advanced submarine research and development studies in support of a wide range of technology areas including manufacturability, maintainability, survivability, hydrodynamics, acoustics and materials. General Dynamics will conduct research and development work in additional areas including hull integrity, performance, ship control, logistics, weapons handling and safety. The program also supports near term insertion of Virginia-class technology; identification of Ohio-class replacement technology options; future submarine concepts; and core technologies. Initially awarded in November 2010, the contract has a potential value of $711M over five years if all options are exercised and funded.
Investors recovered their poise by midday Thursday after an early sell-off sent stocks sharply lower.