The U.S Navy has awarded General Dynamics Electric Boat a $126.1 million contract modification to continue development of the Common Missile Compartment for the U.S. Navy’s Columbia-class submarine and the Royal Navy’s Successor-class ballistic-missile submarine. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The contract modification includes funding for procurement of long-lead time material for missile tubes which will be integrated into both the Navy’s new SSBN and the Royal Navy’s Dreadnought-class strategic missile submarine.
Initially awarded in September 2017, the fourteen-year, $5.1 billion contract calls for Electric Boat to perform design and development work for the Navy’s next-generation ballistic-missile submarine, which is scheduled to begin construction in fall of 2020. The potential value of the overall contract is $6.1 billion.