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  • Friday, April 26, 2024

Lockheed Martin Team Books $376 Million LCS Contract

An industry team led by Lockheed Martin (NYSE: LMT) secured a $376 million construction deal from the Navy.

With the deal in place the team will build America’s seventh Littoral Combat Ship.

According to the firm, “the fixed-price-incentive-fee contract provides funding for the second of 10 ships the Navy awarded to the Lockheed Martin team in December 2010. The contracts for the remaining eight ships will be awarded through 2015.”

“As the Lockheed Martin team constructs this next ship, we will remain focused on performance and cost, ” said Joe North, vice president of Lockheed Martin’s Littoral Ship Systems business. “The Navy’s 10-ship award provides stability to this program, allowing industry to more efficiently meet the customer’s need for an affordable, multi-mission surface combatant.”

Marinette Marine Corp. and Gibbs & Cox are teaming with Lockheed Martin on the project.

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