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U.S. Navy inks $22.2 billion contract with Electric Boat for new submarines

Christian Fernsby |
The U.S. Navy has signed a $22.2 billion contract with Electric Boat, a wholly owned subsidiary of General Dynamics, to build at least nine Virginia-class attack submarines over the next five years.

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The contract includes the option to buy a 10th submarine, but that purchase is contingent on a six-month review of submarine production at EB and Newport News Shipbuilding, which together build two Virginia-class submarines per year.

The submarines will join the Navy's fleet starting in 2025 through 2029.

The new Virginia submarines will involve more work and cost more than previous versions.

An 85-foot section will be added to the submarines to enable them to store more weapons, deliver special operations forces and other uses.

That will add $500 million to the construction cost, bringing the total price per submarine to $3.2 billion.

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