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August 6, 2024

Electric Boat inks $1.3B submarine contract

Contributed A Virginia-class Block VI submarine made by General Dynamics Electric Boat.
By Skyler Frazer

General Dynamics Electric Boat picked up a $1.3 billion contract this week to buy materials needed to build nuclear-powered attack submarines for the Navy, the company and U.S. Department of Defense announced this week.

The $1.3 billion deal announced Monday is the second massive contract modification the Groton-based company has been awarded for Virginia Class Block VI submarines in as many weeks. The Navy also awarded the submarine-maker a $181 million bump for the same contract on July 25.

Specifically, the new funding from this week will allow the company to purchase materials needed to build the 21st-century submarines through September 2035.

"This contract modification sends a crucial demand signal, enabling our suppliers to invest in the capacity and materials needed to increase production volume," General Dynamics Electric Boat President Kevin Graney said in a statement. "Consistent funding for the supply base is essential to achieve the high-rate production the Navy requires of the entire submarine enterprise."

Graney, who has been with the company for nearly 30 years, announced earlier this month that he’s retiring later this year. The longtime executive will be succeeded by Chief Operating Officer and Senior Vice President Mark Rayha, effective Dec. 1.

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