Lockheed Martin (NYSE: LMT) has received a potential five-year, $750M contract from the U.S. Navy to modernize and maintain Aegis Combat Systems for six customers under the foreign military sales program.
The Department of Defense said Tuesday the company's rotary and mission systems unit will provide in-service lifetime support for Aegis weapons, equipment and computer programs being used by Australia, Canada, Japan, South Korea, Norway and Spain.
Aegis is designed to automatically track ballistic or cruise missile threats and simultaneously defend against land, underwater and surface ship targets.
The cost-plus-fixed-fee, cost-only contract has an initial value of $731.1.M and Lockheed will receive $113.6M in FMS funds at the time of award.
Under the award, the company will engineer, integrate and test combat systems, support logistics activity and provide in-country support to the international defense customers that have deployed Aegis.