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Lockheed, Austal USA Secure Navy LCS Construction Contracts

Lockheed Martin (NYSE: LMT) and Austal’s U.S. arm have received six-year contracts worth $584.2 million each to help the U.S. Navy build Littoral Combat Ships.

The contract modification awarded to Austal USA covers LCS design, planning, construction and testing activities in exercise of an option to a previously awarded contract, the Defense Department said Friday.

Lockheed will provide LCS class services and integrated data environment assistance under the fixed-price-incentive contract that includes options for post-delivery availability support and construction of additional ships.

The Naval Sea Systems Command will obligate the full contract amount to Lockheed from the service’s fiscal 2017 shipbuilding and conversion funds to build one LCS and $15 million from fiscal 2016 shipbuilding and conversion funds to pay for related support services.

Both contractors will perform work in various locations across the U.S. through October 2023.

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