Lockheed Unit Secures Potential $92M Contract to Help Maintain Navy Torpedo System

A Lockheed Martin (NYSE: LMT) business unit will help the U.S. Navy engineer and maintain Mark 48 heavyweight torpedoes under a potential five-year, $91.9 million contract.

Lockheed’s rotary and mission systems segment will perform work for the branch’s Intermediate Maintenance Activity in Pearl Harbor, Hawaii, the Department of Defense said Friday.

The cost-plus-incentive-fee contract has a one-year base period valued at $16.9 million and an option that would extend services through February 2028.

Naval Sea Systems Command acts as the contracting activity and the service will initially obligate approximately $7.4 million from its fiscal 2023 operation and maintenance funds.

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