Market Overview

General Dynamics NASSCO–Norfolk Granted $42 Million Contract


General Dynamics Corporation (NYSE: GD)'s business Unit, General Dynamics NASSCO–Norfolk, was granted a $42 million cost-plus-award-fee modification to a previously awarded contract for the repair and alteration for the USS Oak Hill (LSD-51).

NASSCO–Norfolk revealed it would offer ship repair services, which included engine replacement/repairs, ballast tank preservation, habitability upgrades and close-in weapons system repairs. The company added that work would be performed in Norfolk and expects the work to be completed by April next year.

The company is conducting repair and modernization efforts in four ports currently throughout the United States. The majority of work is located in San Diego. The company also pointed out other ports including Mayport, Florida; Bremerton, Washington; and Norfolk, Virginia.

Shares of the company traded down by 0.38 percent on Thursday.

Posted-In: News Contracts General


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