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Lockheed to Continue Aegis Implementation Studies Under $80M Navy Contract Modification

Lockheed Martin (NYSE: LMT) has received a potential $80.5 million contract modification from the U.S. Navy to continue to conduct additional implementation studies for the Aegis ballistic missile defense system.

The Defense Department said Wednesday the studies will be used to support future shipbuilding programs of foreign military sales clients that include Japan, South Korea, Spain, Australia and Norway.

Lockheed’s mission systems and sensors business will perform work in New Jersey, Japan and South Korea through November 2019.

Aegis is a command-and-control weapons platform that uses the AN/SPY-1 radar designed to detect and track missile threats and incorporates computer system updates through technology insertion and advanced capability build processes for cruisers and destroyer ships under the Aegis modernization program.

The Naval Sea Systems Command will obligate $55 million from FMS funds at the time of award.

 

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