05:06 AM EDT, 05/01/2025 (MT Newswires) -- (Updates to include information from Huntington press release.)

General Dynamics ( GD ) unit General Dynamics Electric Boat said late Wednesday it won $12.4 billion in contract modifications to build two fiscal year 2024 Virginia-class submarines.

The contract also finances investments to improve productivity at the shipyards and workforce support.

The company said the contract includes options that would bring its cumulative value to $17.2 billion, if exercised.

General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia-class submarine series. The company constructs them in a partnership with Huntington Ingalls Industries' ( HII ) Newport News Shipbuilding in Virginia.

Separately, Huntington said that the contract modification authorizes construction of the 11th and 12th fast-attack submarines of the Block V contract.

Huntington shares were up 1.6% in recent premarket activity Thursday, while General Dynamics ( GD ) rose 0.5%.