Lockheed Martin Corp. (NYSE: LMT) has won $114,184,013 in U.S. Navy contract modifications to modify the F-35 jet’s baseline hardware and software, the Defense Department announced Friday.
The company received a $68,284,013 modification to work on both the Air Force’s conventional takeoff and landing planes and Marine Corps short takeoff, vertical landing planes.
The Air Force is allocating 55.2 percent, or $37,684,013, of funding and the Navy is allocating the remaining $30.6 million.
Under a second modification worth $45.9 million, the company will work on short takeoff, vertical landing aircraft for the Marines and the U.K.
The Navy is contributing 77.8 percent, or $37.5 million, of those funds and the remaining $10.2 million will cover work for the U.K.
Work under the cost-plus-incentive-fee contracts will occur in Fort Worth, Texas and the Pentagon expects the work to occur over multiple years.
The Naval Air Systems Command in Patuxent River, Md. is the contracting activity.
The Air Force recently awarded the company a $258.8 million contract to provide two additional F-35 jets for the Navy and the Air Force.