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A unit of military contractor General Dynamics Corp. has been awarded a $118 million contract modification by the U.S. Navy to continue concept studies, engineering and design of a missile compartment for submarines.

The award given to General Dynamics Electric Boat modifies a $76 million contract announced in December 2008.

If all options are exercised and funded, the contract would have a value of more than $600 million.

General Dynamics is based in Falls Church, Va.

Shares rose 16 cents in midday trading to $68.30.

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