NORFOLK, Va. (WVEC)-- A major new contract for a local private shipyard could mean good things for the company's workforce and for the local economy.

The Department of Defense announcing Tuesday that the Norfolk-based ship repair yard BAE System has been picked to do maintenance, modernization, and repair to the 27-year old amphibious dock landing ship.

The total windfall: $139,818,901.

"There's no question the $140 million contract for BAE shipyard will be good news, especially going into the holiday season," said Peter Shaw, Professor of Business at Tidewater Community College. "Those that are still employed know that they're going to be employed, and then of course they're going to be rehiring many of the folks they laid off, which is good news."

BAE went through at least two rounds of layoffs earlier this year, totaling around 300 workers who were let go.

BAE says that the contract will allow the company to hire an additional 100-full time employees.

Shaw says he's encouraged by this news, and, he's hoping it is a sign of more good things to come.

"Not only is it good news for the revenue of the company, good news for the profits of the company, but it's good news for increasing employment at the company and maintaining that skilled labor forces that we desperately need, so this is great news," he said.

According to the D.o.D. release, the work on the Tortuga is expected to be completed by May 2019.

13 News Now reached out to BAE's management for an interview. They declined, as did the Virginia Ship Repair Association.