Lockheed to Upgrade Sonar Systems for U.S. Navy and Allies
Thursday was a busy day at the U.S. Department of Defense, as the Pentagon announced no fewer than 27 separate contract awards -- quite possibly a record, or at least a recent one. The contracts totaled $766 million in combined value, and one company, Lockheed Martin won three of them.
Lockheed's biggest contract win, a $37.3 million contract modification, calls upon the company to supply MK48 Mod 7 Common Broadband Advanced Sonar System (CBASS) functional item replacement (FIR) kits to the U.S. Navy and its allies. Lockheed will also provide engineering support on the CBASS FIR kits, and provide the Navy a warranty on the equipment. About 23% of this contract's value is destined for foreign military sales, to the Netherlands and Canada in particular. Performance on the contract should be complete by July 2017.
Lockheed also won a contract modification worth $7 million, this one being for upgrade work on Visual and Joint Precision Airdrop systems on training system devices for C-130J maintenance workers and aircrew. This contract runs through Dec. 31, 2014.
Finally, Lockheed won a $6.9 million firm fixed price contract to supply the Navy with an unspecified number of "smart multi-functional displays" by June 2016.
The article Lockheed to Upgrade Sonar Systems for U.S. Navy and Allies 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 may not 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.