Assistant Secretary of the Navy for Research, Development, and Acquisition John J. Young Jr. briefs reporters on the details of a new contract to acquire six Virginia Class submarines for the U.S. Navy during a Pentagon press conference on Aug. 14, 2003. The block-buy contract was recently signed with General Dynamics Electric Boat Corp., in partnership with Northrop Grumman's Newport News Shipbuilding. Upon Congressional authorization and appropriation, the contract, valued at up to $8.7 billion, will award one submarine per year from 2003 through 2006 and two submarines in 2007.