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Lockheed to Produce 50 Lot 11 F-35s for FMS Clients Under $3.7B Navy Contract Modification

Lockheed Martin (NYSE: LMT) has received a potential $3.69 billion contract modification from the U.S. Navy for the low-rate initial production of 50 lot 11 F-35 Lightning II aircraft for foreign military sales clients.

The modification covers the production of 22 F-35A jets for FMS customers, eight F-35As for the Netherlands, six F-35As for Norway, four F-35As for Turkey, eight F-35As for Australia, one F-35A for Italy and one F-35B aircraft for the U.K., the Defense Department said Friday.

The contract also adds scope for chase maintenance work and mission equipment for FMS clients as well as the Navy, U.S. Marine Corps and the U.S. Air Force.

Lockheed’s aeronautics business will perform work in Texas, California, New Hampshire, Maryland, Florida, U.K., Italy, Japan and other international sites through December 2020.

The Naval Air Systems Command will obligate $2.2 billion in funds from three U.S. military branches, international partner countries and FMS clients at the time of award.

The award came three weeks after the Navy awarded Lockheed a potential $5.6 billion contract modification to build a total of 74 lot 11 fiscal 2017 F-35A, F-35B and F-35C variants for three U.S. service branches.

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