General Dynamics and Oceaneering International Win Sub Contracts Worth $397 Million

On Tuesday, the Department of Defense announced that it has awarded indefinite-delivery/indefinite-quantity, cost-plus-fixed-fee contracts worth a combined $397.3 million to Oceaneering International (NYSE: OII  ) and General Dynamics' (NYSE: GD  ) Electric Boat Corporation.

The contracts relate to the submarine safety program and require the companies to provide "technical management, administrative and technical services, materials, tools, equipment, facilities, and required support to accomplish installation, troubleshooting, repair, and maintenance of main and auxiliary, weapons, hull, mechanical, and electrical equipment." 

Both contracts are expected to be complete by February 2018. Of the two, General Dynamics won the larger dollar value: $215.5 million. Oceaneering International's award may be more significant for investors, however. The $181.8 million contract it won amounts to about 6.5% of all the revenues it collected over the past 12 months. 

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2280708, ~/Articles/ArticleHandler.aspx, 4/16/2014 1:48:24 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.