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Air Force Exercises $395M Lockheed Contract Option for 9th & 10th GPS III Satellites

GPS IIILockheed Martin (NYSE: LMT) has received a potential $395 million contract modification to build the ninth and 10th Global Positioning System III space vehicles for the U.S. Air Force.

The Air Force exercised an option in a previously awarded GPS III production contract and obligated $373.4 million for the modification from the military branch’s fiscal 2014 and 2015 advanced procurement funds as well as fiscal 2016 space procurement funds, the Defense Department said Wednesday.

DoD said that Lockheed’s space systems unit will perform work under the modification in Littleton, Colorado, through Aug. 8, 2022.

The Air Force’s Space and Missile Systems Center in California is the contracting activity.

GPS III satellites are designed to provide timing, navigation and positioning service to U.S. warfighters, allies and civilian users worldwide.

Lockheed, Boeing (NYSE: BA) and Northrop Grumman (NYSE: NOC) were awarded separate contracts worth a minimum $5 million each in May to perform readiness feasibility studies for the development of an 11th and succeeding space vehicles under the GPS III program.

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