Lockheed, Austal Win $1B For 4 Navy Combat Ships

LockheedLogoLockheed Martin (NYSE: LMT) and Australia-based shipbuilder Austal have each won separate contracts worth nearly $1.4 combined to build four battleships for the U.S. Navy.

Lockheed will build two steel monohull Littoral Combat Ships under a $697 million contract and Austal’s U.S. unit will build two aluminum-hulled LCS ships for $682 million, the Defense Department said Monday.AustalLogo

The Navy is allocating fiscal year 2013 funds for both awards, with Austal scheduled to complete its order by June 2018 and Lockheed to finish its construction work one month later.

In May 2012, Lockheed won a potential $715 million contract modification to build the third and fourth ships in the LCS program and the company is contracted to build 10 ships.

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