Lockheed Martin (NYSE: LMT) will provide services worth approximately $71 million to the F-35 program under a compensation agreement reached with the Defense Contract Management Agency in January, Bloomberg reported Tuesday.
The settlement covers refund for Lockheed’s fighter aircraft parts deliveries between 2015 and early 2020 that were deemed inadequate for installation due to a lack of electronic data the Department of Defense needs to monitor the service of life of jet components.
Brett Ashworth, a spokesman for Lockheed, told Bloomberg the company remains “focused on increasing F-35 readiness while driving down sustainment costs.”
The fiscal 2021 National Defense Authorization Act mandates that DOD include details of the accord in the department’s next budget request, the report noted.
