Lockheed Martin (NYSE: LMT) has won a potential $134, 186, 364 contract to help the U.S. Navy updated a guided missile destroyer with new machinery control systems.
The company will aim to automate manual functions with the goal of reducing manning levels and watch stander requirements for the DDG 51 class of destroyer, the Defense Department said Friday.
At the time of award, Lockheed will receive $6, 584, 392 from the Navy’s shipbuilding and conversion funds for fiscal year 2012 and will receive the full ceiling amount if all options are exercised.
Lockheed win the contract through a competitive procurement process via the FedBizOpps website and will perform work in Orlando, Fla. through June 2014.
The subsidiary is also building the Arleigh Burke class’ third destroyer.