TipRanks

Notifications

Lockheed Martin awarded $302.24M Navy contract action

Lockheed Martin was awarded a $302.24M cost-plus-incentive-fee, firm-fixed-price, cost-plus-fixed-fee, and cost-only undefinitized contract action for the proof of manufacture, production, spares, production support material, and engineering support for components related to the MK 48 heavyweight torpedo all up round. This contract combines purchases for the Navy and the Royal Australian Navy. Work is expected to be completed by October 2026. Royal Australian Navy funds in the amount of $50.62M; FY21 weapons procurement funds in the amount of $32.92M; FY22 weapons procurement funds in the amount of $26.57M and FY23 weapons procurement funds in the amount of $21.32M will be obligated at time of award, of which $32.92M will expire at the end of the current fiscal year. This contract was competitively procured via the System for Award Management, with one offer received. Commander, Naval Sea Systems Command is the contracting activity.

Published first on TheFly

See Insiders’ Hot Stocks on TipRanks >>

Read More on LMT:

Tags: