January 25, 2010 (FinancialWire) — General Dynamics’ (NYSE: GD) Electric Boat unit has been awarded a $118 million contract modification by the U.S. Navy to continue concept studies, engineering and design of a Common Missile Compartment for the United Kingdom’s Successor ballistic-missile submarine and the U.S. Ohio replacement submarine.

The award modifies a $76 million contract announced in December 2008 for engineering, technical services, concept studies and design of a Common Missile Compartment for the next-generation ballistic missile submarines under development for the Royal Navy and the U.S. Navy.

If all options are exercised and funded, the overall contract would have a value of more than $600 million.

Virginia-based General Dynamics employs approximately 92,300 people worldwide. The company is engaged in providing business aviation systems; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.

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