General Dynamics Electric Boat has been awarded a contract worth up to $273m to support non-nuclear maintenance on submarines at the Naval Submarine Support Facility in New London.
Work under the contract will be performed in Groton, Connecticut, and is expected to be completed by April 2024. If all options are exercised, work will continue through April 2028.
An air-independent propulsion submarine is reportedly quieter than nuclear-powered submarines, as nuclear reactors need to be constantly pumped with coolants, generating a detectable acoustic signature.
According to its advantages, global navies looking to operate non-nuclear submarines prefer AIP-equipped versions over conventional diesel-electric versions, according to GlobalData.
The Naval Sea Systems Command, based in Washington, DC, is the contracting entity. One of the most recent contracts, General Dynamic Electric Boat, was awarded from the US Naval Sea Systems Command for non-nuclear maintenance on submarines in 2019, with a value of $47.28m.
The company is not limited to non-nuclear powered submarines modernisation work, as they have also produced modernisation work on the US Navy’s USS Hartford SSN 768 nuclear-powered submarine.
According to GlobalData’s “The Global Submarine Market 2023-2033” report, General Dynamic 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 $178.7bn over 2023–33 period, owing to its contract for Columbia-class and Virginia-class submarines for the US Navy.