The U.S. Navy has awarded a potential five-year, $1.12 billion contract modification to Lockheed Martin‘s (NYSE: LMT) space systems business for the production of Trident II D2 missiles and support for deployed systems.
The Defense Department said Friday the modification contains a $418.7 million initial value and also includes D5 life extension production services.
Work will occur in California, Florida, Georgia, Utah, Washington and other unspecified locations through Sept. 30, 2022.
The obligated amount at the time of award consists of $31,635,824 in fiscal 2017 Navy weapons procurement funds and $3,619,000 in U.K. government funds, DoD noted.
DoD added the Navy could provide an additional $316,700,000 and the U.K. could allocate another $66,699,050 for the program depending on the availability of funds for fiscal 2018.