Lockheed Unit Secures $117M Navy Systems Supply Contract

Lockheed Martin‘s (NYSE: LMT) rotary and mission systems unit has secured a potential $117 million contract to provide systems and related equipment to the U.S. Navy.

Naval Sea Systems Command received one offer for the fixed-priced-incentive fee contract through a competitive procurement approach, the Department of Defense said Thursday.

The service branch will initially obligate $8.3 million using fiscal year 2019 and fiscal 2021 other procurement funds, with $2 million of the amount expiring at the end of FY 2021.

Seventy percent of work will take place in Syracuse, New York, and 30 percent in Florida.

Services under the contract are initially scheduled to conclude in April 2023 and would extend through June 2026 if all options are exercised.

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