Lockheed Martin (NYSE: LMT) has secured a potential seven-year, $2.34B contract to help the U.S. Navy repair, update or replace component assemblies for the service branch's fleet of MH-60 multimission helicopters.
The performance-based contract covers support for 1,049 weapon and shop replaceable units of MH-60S and MH-60R helicopters, the Department of Defense said Friday.
Lockheed will also provide inventory and configuration management services as part of the award, which contains a five-year base period and a two-year option that would extend work through January 2027.
Naval Supply Systems Command will obligate $182.4M in working capital funds for the first delivery order and provide an additional $60.8M to cover the performance period until September.
Forty-eight percent of contract work will take place in various supplier locations across the U.S. and the remaining 52 percent will occur at organic depots in Stratford, Conn., and Owego, N.Y.