The United States has allocated nearly $77 billion to acquire 14 nuclear-powered submarines, The Times of India reported. The program is described as one of the largest warship procurement projects in the history of the US Navy.

US military officials said the investment was intended to preserve the Navy’s long-term advantage beneath the surface as strategic competition with China and Russia continues to intensify.

The contracts are expected to be awarded to General Dynamics Electric Boat and Huntington Ingalls Industries.

Washington plans to spend $42 billion on nine Virginia-class multipurpose submarines. A further $29.5 billion has been earmarked for five Columbia-class strategic submarines.

Around $5 billion will also be used to expand production capacity and train the specialists required to carry out the program.

Virginia-class submarines are designed for precision strikes, intelligence missions and operations against enemy submarines.

The Columbia-class boats are intended to replace the aging Ohio-class fleet and become the naval component of the US nuclear triad. The new strategic submarines are expected to carry Trident II D5 ballistic missiles.