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  • Friday, April 26, 2024

Lockheed Awarded $186M Option on Navy Submarine Engineering Contract

Naval Sea Systems Command has awarded Lockheed Martin (NYSE: LMT) a $185.9 million contract option to provide engineering design and development services for the U.S. Navy’s submarine fleet.

The military branch will obligate $18.4 million at the time of award using its fiscal 2022 funds for research, development, test and evaluation and shipbuilding and conversion, the Department of Defense said Tuesday.

Lockheed’s rotary and mission systems business will perform the work through September 2023.

The exercised option falls under a cost-plus-incentive-fee contract awarded in August 2020 with a potential cumulative value of $2.22 billion.

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