Lockheed Lands USAF, Saudi, Danish Military Contracts
The Department of Defense awarded 15 separate contracts Wednesday. But one single contractor -- Lockheed Martin claimed 20% of them.
Lockheed's largest contract win of the day, worth $30.3 million, came in the form of a modification to a previously awarded firm-fixed-price, multi-year contract to supply the Danish military with nine Mission Avionics Systems and Common Cockpits for MH-60R Sikorsky Seahawk helicopters under America's Foreign Military Sales program. These systems should be delivered by April 2018.
Lockheed also won a firm-fixed-price, undefinitized contract for $21.4 million to supply the Royal Saudi Air Force with 95 Sniper Advanced Targeting Pods, 35 Compact Multiband Data Link systems, 70 Infrared Search and Track (IRST) systems, 75 IRST pylons, and spare parts. This contract should be complete by Dec. 31, 2019.
Finally, Lockheed was awarded $12.7 million to retrofit F-22 Raptor fighter jets for the U.S. Air Force. Lockheed will be supplying 72 retrofits kits and related equipment to do work on the plane's Automatic Backup Oxygen Supply and expects to complete work on this project by May 30, 2015. Lockheed's Raptor encountered significant criticism last year amid reports that pilots were having trouble breathing when flying it. This resulted in a grounding of the plane on multiple instances while technicians tried to figure out what was going wrong.
To date, the Pentagon has spent close to $80 billion to develop and build the F-22, which has never been flown in combat.
The article Lockheed Lands USAF, Saudi, Danish Military Contracts originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.