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  • Wednesday, April 24, 2024

Lockheed Wins $108M for Engineering on Submarine Sonar, Sensor System

Lockheed Martin‘s (NYSE: LMT) mission systems and sensors business has been awarded a $107, 992, 068 contract modification by the U.S. Navy.

The cost-plus-incentive-fee award modifies a $83, 815, 466 contract Lockheed won on Jan. 13, 2011, for development and manufacturing work on the acoustic rapid commercial insertion sonar system.

Under the contract, Lockheed will provide engineering services for the A-RCI, which integrates the various components of submarine sonar sensor processing.

Lockheed will receive an initial payment of $1, 986, 580 for the incrementally funded contract. Contract funds will not expire at the end of the current fiscal year.

Work is expected to be completed by December 2012.

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