Lockheed to Help Build Australia's Submarine Combat System Under Potential $565M Contract

Lockheed Martin‘s (NYSE: LMT) Australian business has received a potential $565.7 million contract for design, construction and integration services to Australia’s Future Submarine Combat System program.

Christopher Pyne, Australian minister for defense industry, said in a statement published Thursday that contract’s performance period will run through 2020 and work includes the selection of subsystem and component suppliers.

Lockheed Martin Australia was awarded an initial contract in November 2016 to help the country’s defense department conduct preliminary design work on the submarine combat system.

The department selected the company to act as the program’s system integrator in September 2016.

Australia’s defense department anticipates the contract to generate 200 new jobs mostly in South Australia.

Pyne noted that the project is part of the Australian government’s 10-year, $161.6 billion defense investment effort.

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