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Lockheed Martin-led Team Issued $715 Mln Contract Modification By U.S. Navy

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3/16/2012 6:48 PM ET

Defense contractor Lockheed Martin Corp. (LMT: Quote) said Friday that the U.S. Navy has issued a Lockheed Martin-led industry team a $715 million contract modification to add funding for construction of two Littoral Combat Ships, or LCS, - the third and fourth in a 10-ship contract awarded in December 2010.

The contract modification is for construction of Little Rock and Sioux City. Construction on the first and second ships awarded under the contract, Milwaukee and Detroit, is already underway. Two ships awarded under previous contracts include USS Freedom, currently being prepared for her next deployment, and Fort Worth, scheduled to be commissioned in September.

Marinette Marine Corp. is building the ships in Marinette, Wisconsin, with naval architect Gibbs & Cox of Arlington, Virginia providing engineering support.

There are more than 700 companies in 43 states performing work on the Lockheed Martin Freedom-variant LCS program.

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by RTT Staff Writer

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