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Lockheed Gets $122M Navy Tech Engineering Contract Modification

Lockheed Martin (NYSE: LMT) has landed a potential $122.3 million contract modification to continue to provide engineering services for the U.S. Navy‘s Technical Insertion 18-20 Acoustic Rapid Commercial Off-the-Shelf Insertion program.

The Defense Department said Monday Lockheed’s rotary and mission systems unit will conduct work under the modification through December 2018 in Manassas, Virginia and Clearwater, Florida.

The Navy awarded a potential $1.2 billion contract to Lockheed in June to help the service branch engineer sonar technologies as part of the A-RCI TI initiative.

DoD noted the Naval Sea Systems Command will obligate $11 million from fiscal 2018 research, development, test and evaluation funds at the time of modification award.

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