$48M Navy Contract for Sub Maintenance, Modernization

The U.S. Navy has awarded General Dynamics Electric Boat a $47.7 million contract modification to perform routine maintenance and modernization work on the USS Toledo (SSN-769), a Los Angeles-class attack submarine.  Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
Under the terms of the contract, Electric Boat will plan and perform a dry-docking selected restricted availability, which consists of maintenance work, alterations and modernization activities required to ensure the submarine is operating at full technical capacity.  The work will take place at the Electric Boat shipyard in Groton and involve up to 300 employees.  The work is scheduled for completion in September 2013.
The contract was initially award in May 2012 and has a potential value of $65 million if all options are exercised.