Lockheed Martin (NYSE: LMT) has received a $174.9M delivery order to help the U.S. Navy update long range anti-ship missile systems.
The order falls under a blanket purchase agreement through which Lockheed provides engineering, testing, product and ancillary support services, the Department of Defense said Wednesday.
LRASM updates are necessary for the service branch to comply with requirements outlined in the Offensive Anti-Surface Warfare Increment 1 Capability Description Document.
Work will take place in Florida, New Jersey, New Hampshire and Alabama through November 2022.
Naval Air Systems Command is obligating $40M in fiscal 2019 research, development, test and evaluation funds at the time of award.