The U.S. Navy has awarded Lockheed Martin (NYSE: LMT) nearly $738 million in contract modifications for low rate initial production of the F-35 Joint Strike Fighter, according to a Pentagon announcement.
- $485 million for production lot five, including special test equipment and subcontractor technical assistance. This work is expected to be completed in December 2013.
- $253 million for production lot four, providing for recurring and non-recurring sustainment. This work is expected to be completed in May 2014.
The Pentagon said both awards will support the U.S. Air Force, U.S. Navy and international partners in the F-35 program. The Naval Air Systems Command in Patuxent River, Md., is the contracting activity.