Statement of Electric Boat President Kevin Graney on US Navy Award of Columbia-class Ballistic Missile Submarine Contract

Groton, Conn. June 22, 2020 - General Dynamics Electric Boat president Kevin Graney issued the following statement about a US Navy contract award announced today.

"The shipbuilders of Electric Boat recognize the responsibility and welcome the opportunity to deliver the Columbia class. Columbia is our nation's top strategic defense priority and, as the prime contractor, we will provide the safest and most capable class of submarines in the defense of our nation. As we move toward full scale construction later this year, Columbia's design is more advanced than that of any previous submarine program. We stand ready to execute on this critical program and have made extensive preparations by hiring and training the next generation of skilled shipbuilders, expanding and modernizing our facilities and strengthening our supply base."

Background information

The Navy announced today that General Dynamics Electric Boat has been awarded a contract modification for the design completion, engineering work and design support efforts for the Columbia Class of Ballistic Missile Submarines. An option valued at $9.47 billion supporting the construction of the first two ships of the Columbia class is established as part of this modification. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Electric Boat is the prime contractor on the design and construction of 12-ship Columbia class, which will replace the aging Ohio class of ballistic missile submarines. Electric Boat will manage numerous vendors and suppliers to do this work. Advanced construction began in 2017 at the company's facility in Quonset Point, Rhode Island. Final assembly and test of the Columbia class will take place starting in 2024 at Electric Boat's shipyard in Groton. General Dynamics is investing $1.8 billion in capital expenditures to construct and expand its facilities to support the construction of the Columbia class, the world's most advanced strategic missile submarine. The company's three primary locations are in Groton and New London, Conn.; and Quonset Point, R.I. Its current workforce is more than 16,000 employees.

More information about Electric Boat is available at www.gdeb.com

For more information about General Dynamics, please visit www.generaldynamics.com.

View source version on General Dynamics Electric Boat : http://www.gdeb.com/news/news_archives/2020archives.html#06-22-2020