General Dynamics Electric Boat Corp has been awarded a $15.75m contract for the lead yard support, development studies and design efforts related to Virginia class submarines.
Work under the contract is expected to be completed by June 2026.
The mission of this class is to seek and destroy enemy ships and submarines, to transmit critical and sensitive battlefield information, and undertake intelligence collection and special forces insertion missions.
The Virginia-class nuclear-powered attack submarine is an advanced multi-mission submarine for deep ocean anti-submarine warfare and littoral (shallow water) operations.
The estimated contract allocation for the program is $73.1 billion (2022–32), with the 2023 budget allocating $7.3 billion to the program, according to GlobalData.
The Naval Sea Systems Command, based in Washington, DC, is the contracting activity. One of the most recent lead yard support and design contracts, General Dynamic Electric Boat, was awarded from the US Naval Sea Systems Command for Virginia-class submarines in 2022, valued at $532.9m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
General Dynamics Electric Boat is not limited to nuclear-powered submarine’s modernisation work, as they were also awarded a contract for non-nuclear maintenance work last week worth up to $273m.
According to GlobalData’s “The Global Submarine Market 2023-2033” report, General Dynamic Crop has a share of 94.3% in the North American submarine market and is projected to be the largest shareholder in the region with forecast revenue of $178.7 billion over 2023–33 period, owing to its contract for Columbia-class and Virginia-class submarines for the US Navy.
The Submarine Market report also claims that the North American region, supported by the US Navy’s multi-year procurement programs, is expected to maintain its leading position globally with a CAGR of 3.7%.
The procurement of Virginia-class attack and Columbia-class ballistic missile submarines is largely credited for driving the growth of the submarine market in the US.
General Dynamics Electric Boat Corp. is a subsidiary of General Dynamics Corporation and has a long history of providing solutions for the US Navy’s submarine fleet.
This contract award underscores General Dynamics Electric Boat’s continued commitment to supporting the US Navy’s submarine fleet.
The US Navy has received the delivery of various Virginia-class submarines in recent years, with the USS Montana delivered in March 2022, the USS New Jersey in November 2021, and the USS Delaware in April 2022.