"The Project-677 or Lada-class diesel submarine, whose keel will be laid on November 10, will be named after a city of Russian naval glory - Sevastopol," a company source said. "It is to be launched in 2010."
The Sevastopol will be the third Project-677 submarine designed by the Rubin design bureau.
The shipyard said in early August it had started the second round of sea trials of the St. Petersburg, a Project-677 or Lada-class submarine.
The submarine, whose export version is known as the Amur 1650, features a new anti-sonar coating for the hull, an extended cruising range, and advanced anti-ship and anti-submarine weaponry.
A second Lada-class submarine, the Kronshtadt, which is also the first in production series, is also being built at the shipyard.
Admiralty Shipyards is a state-owned company that specializes in the design, production and modernization of civil and naval surface ships and submarines.
Since 1910, the company has constructed 300 submarines (including 41 nuclear submarines) and 68 deep-diving and submersible vehicles. It accounts for 15% of the global submarine sales market. It has built Kilo-class submarines for India, China and Iran.