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  • Wednesday, April 24, 2024

Lockheed Secures $559M in Navy, UK Contract Funds for Submarine Missile Production

Lockheed Martin‘s (NYSE: LMT) space business has received contract options worth $558.8 million combined to manufacture Trident II (D5) submarine-launched ballistic missile systems for the U.S. and U.K. navies.

The U.S. Navy will obligate $485.1 million on the award while its British counterpart will provide the remaining $73.7 million, the Department of Defense said Friday.

DOD noted the sole-source contract covers missile production services and support for deployed systems. The department expects Lockheed to complete work under the exercised options by Sept. 30, 2026.

U.S. Ohio-class submarines and U.K. Vanguard-class underwater vessels carry the Trident II (D5) weapon, according to Lockheed.

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