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October 11, 2007

General Dynamics awarded $54 million for submarine modernization and planning services

The U.S. Navy has awarded General Dynamics Electric Boat two contract modifications worth a total of $53.5 million for nuclear submarine modernization and planning yard services and support. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE:GD) .

Under a $37.3 million modification, Electric Boat will continue operating the New England Maintenance Manpower Initiative (NEMMI) at the Naval Submarine Base in Groton. Specifically, Electric Boat will provide a wide range of overhaul, repair and modernization services in support of nuclear submarines, floating dry-docks, support and service craft and other platforms and equipment at the submarine base. About 270 Electric Boat employees are involved in the work.

Additionally, Electric Boat will provide reactor-plant planning yard services for nuclear submarines and support yard services for moored training ships under a separate $16.2 million contract modification.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 82,900 people worldwide and anticipates 2007 revenues of more than $27 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.

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