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Lockheed, Austal Get Navy LCS Contract Modifications

Lockheed Martin (NYSE: LMT) and Austal‘s U.S. arm have received separate contract modifications to build three fiscal 2018 littoral combat ships for the U.S. Navy.

The Defense Department said Tuesday Lockheed will develop one LCS and Austal USA will construct two ships under the fixed-price-incentive modifications awarded by Naval Sea Systems Command.

Work will primarily occur in Marinette, Wis. and Mobile, Ala., through September 2024.

“The Navy may release a competitive solicitation(s) for additional LCS class ships in fiscal 2019, and therefore the specific contract award amount for this ship is considered source selection sensitive information,” according to the DoD notice.

NAVSEA said Tuesday the three ships in the two contract modifications will be designated as LCS 29, LCS 32 and LCS 34.

The Navy has procured a total of 32 LCS vessels and 16 of those have already been delivered.

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