Business
2:03 pm
Tue April 29, 2014

EB Lands $17.6B Contract To Build Ten Submarines At Quonset

General Dynamics has landed a $17.6 billion Navy contract to build submarines. The Virginia-class subs will be built at Electric Boat in Quonset Point. General Dynamics spokesman Bob Hamilton said this contract involves ten submarines, starting construction over the next five years at a rate of two per year.

The $17.6 billion contract is for ten Virginia-class submarines.
The $17.6 billion contract is for ten Virginia-class submarines.
Credit file / RIPR

“It does give a lot of stability to the construction plan, that’s key to reducing costs,” said Hamilton. “If you know what kind of material you’re going to need over the next nine years, if you know what kind of labor you’re going to require over the next nine years, you can do them over a long-term arraignment and get a much better price for it.”

Hamilton said Electric Boat hired 472 people at Quonset last year, and will hire another 450 this year.

In a statement, U.S. Senator Jack Reed called the contract “good news for job growth and economic growth in Rhode Island.”

Electric Boat currently employees some 2,800 workers in Rhode Island.

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