Lockheed Martin (NYSE: LMT) has secured a potential 10-year, $753.1M contract to help the U.S. Navy build and engineer an integrated submarine imaging system.
The company will produce Technical Insertion 20-24 for the AN/BVY-1 ISIS in an effort to provide visual and other tools for the service branch’s submarines, the Defense Department said Thursday.
Lockheed’s rotary and mission systems business will perform work through September 2028 at various facilities in Virginia, Massachusetts and Rhode Island.
The cost-plus-incentive-fee, firm-fixed-price contract has a $16.3M initial value and the service branch will obligate $250K in fiscal 2018 “other” procurement funds at the time of award.
Naval Sea Systems Command received one offer for the project via a competitive acquisition process on FedBizOpps.