General Dynamics NASSCO wins $1.7B Navy contract for two fleet oilers

* General Dynamics (GD [https://seekingalpha.com/symbol/GD]) said on Monday its shipbuilding unit, NASSCO, has been awarded $1.7 billion by the U.S. Navy to build two John Lewis-class fleet replenishment oilers, T-AO 215 and T-AO 216.
* The award is part of a broader Navy contract covering up to eight additional oilers, T-AO 214 through 221.
* NASSCO is currently contracted to build 17 of the Navy’s 20-ship program and has delivered four vessels to date.
* The 742-foot ships can carry 162,000 barrels of oil, dry cargo, and aviation supplies and operate at speeds up to 20 knots.
* NASSCO President Dave Carver said the funding will help sustain the company’s workforce and maintain shipyard stability in San Diego, where five additional oilers are now under construction.
* GD +0.11% after hours to $349.9.
* Source: Press Release [https://seekingalpha.com/pr/20301542-general-dynamics-nassco-awarded-1_7-billion-to-construct-t-ao-215-and-t-ao-216]

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