SeaRiver Maritime Selects NASSCO to Develop Contract Design for New, Double-Hull Crude Oil Tanker January 6, 2003 -- SAN DIEGO, CA -- National Steel and Shipbuilding Company (NASSCO), a wholly owned subsidiary of General Dynamics (NYSE: GD), announced today that it had reached an agreement with SeaRiver Maritime, Inc. (SeaRiver) of Houston, Texas, to develop a contract design for a 750,000-barrel capacity, double-hull crude oil tanker. Included with the contract design package will be NASSCO’s price and delivery proposal for the detail design and construction of a minimum of two vessels. The SeaRiver tankers will be designed primarily for the movement of crude oil from Alaska to West Coat refineries. "We are very pleased to have this opportunity to work with SeaRiver on the design of a new double-hull tanker," said Richard Vortmann, president of NASSCO. "This project continues NASSCO’s long history of commercial tanker construction." Work on the contract design will begin immediately and will be delivered by September 2003. Subject to SeaRiver’s acceptance of NASSCO’s proposed price and delivery schedule, the agreement is expected to lead to a detail design and construction contract by the end of 2003. NASSCO (www.nassco.com) is currently building two trailerships for Totem Ocean Trailer Express, Inc. (TOTE), and four double-hull tankers for BP Shipping Company of Alaska. In October 2001, NASSCO was awarded a contract for the design and construction of the T-AKE dry cargo/ammunition ship for the Navy. Three ships of the 12-ship program are presently under contract. General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people worldwide and anticipates 2002 revenues of approximately $14 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation. More information about General Dynamics can be found on the worldwide web at www.generaldynamics.com.

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