October 15, 2009 (FinancialWire) — The U.S. Navy has awarded General Dynamics’s (NYSE: GD) Electric Boat unit $61.8 million to extend two existing contracts for submarine modernization and maintenance and reactor-plant planning yard work.

Under a $43.7 million modification, Electric Boat will continue to perform non-nuclear submarine modernization and repair services at the naval submarine support facility in Groton, Connecticut in support of submarines, the Navy’s Shippingport floating dry-dock as well as support and service craft.

This is a modification to a five-year contract initially awarded in October 2006 that has a total potential value of $201.8 million if all options are exercised and funded. About 270 Electric Boat employees are engaged in the work.

Electric Boat will also provide reactor-plant planning yard services for nuclear submarines and support yard services for moored training ships under a separate $18.1 million contract modification.

Falls Church, Virginia-based General Dynamics offers business aviation systems, land and expeditionary combat systems, armaments and munitions, shipbuilding and marine systems and information systems and technologies.

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