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Mark Stewart: Eight Lockheed GPS III Satellites ‘Now Fully Under Contract’

GPS IIILockheed Martin (NYSE: LMT) will work to complete production of GPS III satellites seven and eight for the U.S. Air Force under nearly $245 million in contract options.

“With eight GPS III satellites now fully under contract, the GPS III program is moving from development into recurring production, ” Mark Stewart, vice president of Lockheed’s navigation systems mission area, said Tuesday.

The company was awarded $120 million in February 2013 to acquire long lead materials for satellites five through eight and $200 million in December 2013 to wrap up production of satellites five and six.

Satellite number one was powered on in February 2013 and is in the integration and test flow phases, the company said.

The bus and network communications equipment payload for GPS III satellite two was turned on in December 2013 ahead of the electrical and hardware-software testing phases.

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