Lockheed Receives $174M Navy Submarine Modernization Kit Order

Lockheed Receives $174M Navy Submarine Modernization Kit Order
Lockheed Martin

The U.S. Navy has awarded Lockheed Martin a potential $174.2 million delivery order to provide upgrade kits for installation on the service branch's submarine fleet.

The cost-plus, incentive-fee order has an initial value of nearly $47 million and falls under an indefinite-delivery/indefinite-quantity contract, the Department of Defense said Friday.

DOD noted it expects the base performance period to conclude in July 2024.

Lockheed will perform work at a company facility in Syracuse, New York, and continue services until August 2025 if the Navy exercises all options on the delivery order.

The company received a separate contract worth potentially $2.22 billion in August last year to provide engineering design development services for Navy submarines and foreign military sales customers.

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