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Lockheed Unit Lands Potential $2.2B Contract to Engineer Navy Submarines

Lockheed Martin's (NYSE: LMT) rotary and mission systems business will provide engineering design and development support for the U.S. Navy's submarine fleet under a potential 10-year, $2.22B contract.

The RMS business will also provide similar services to Canada, Japan and Australia through the U.S.' foreign military sales program, the Department of Defense said Tuesday.

Naval Sea Systems Command awarded the contract, which has a $191.7M face value, via a sole-source acquisition process and will obligate $500K at the time of award.

Eighty-five percent of work will take place in Manassas, Va., and the remaining 15 percent at various locations in San Diego, Virginia Beach and Waterford, Conn.

The Pentagon expects contract work to conclude by June 2030.

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