Lockheed Gets $127M Modification on Navy Engineering Support Contract

Lockheed Martin (NYSE: LMT) has been awarded a $126.9M contract modification to continue engineering support and provide materials and spares to the U.S. Navy.

The service branch will obligate $1.4M at the time of award, with $882,426 of the obligated funds slated to expire at the end of the current fiscal year, the Department of Defense said Wednesday.

Sixty-five percent of contract work will occur in Virginia and the remaining 35 percent will take place in Florida and New York.

DoD expects the company to finish services under the modification by December 2021.

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