The New Zealand government has contracted Lockheed Martin (NYSE: LMT) Canada to help update its combat frigates for $446 million in a bid to maintain the strength of the country’s maritime forces, Defense Minister Jonathan Coleman said Thursday.According to the defense chief, the work will involve outfitting the decades-old HMNZS Te Kaha and HMNZS Te Mana with self-defense missile systems and new radars, electronic detectors and sonar.
“It is important to update their self-defense and sensor capabilities systems to a standard comparable to the frigates used by Australia, Canada and the U.K., †Coleman said.
“Our international partners place a high value on New Zealand’s ability to deploy a credible maritime combat force into the Pacific and further afield, †he added.
HMNZS Te Mana is active in international efforts to thwart maritime piracy.
Lockheed will fulfill most of the contract at its facilities in Canada, including the procurement of key sensors, although the company expects to farm out some jobs through New Zealand Trade and Enterprise.
