Lockheed Martin’s (NYSE: LMT) rotary and mission systems business secured a potential $201.7M contract to provide engineering services to the U.S. Navy.
The sole-source, cost-plus-fixed-fee contract has a face value of $26.9M and will reach its potential value if the service branch exercises all options, the Department of Defense said Friday.
The Navy will obligate $5.2M in fiscal 2018 and 2019 other procurement and research, development, test and evaluation funds at the time of award.
Sixty-eight percent of contract work will take place in Manassas, Va., and the rest in Connecticut and Rhode Island.
The Pentagon expects the company to finish work by December 2025.