Lockheed Martin wins $67.7M in Navy, F-35 depot contracts

Investing.com - Lockheed Martin Corp. (NYSE: LMT) was awarded two military contracts totaling $67.7 million for submarine electronic warfare systems and F-35 depot activation support, the U.S. Department of War announced today.

The Naval Sea Systems Command awarded Lockheed Martin a not-to-exceed $44.6 million cost-plus-incentive-fee delivery order for technical insertion-26 production material for submarine electronic warfare systems on new construction and in-service submarines. Work will be performed in Syracuse, New York (97%); La Mesa, Mexico (2%); and Orlando, Florida (1%), with completion expected by July 2029.

The Navy will obligate $8.97 million in fiscal 2026 shipbuilding and conversion funds, $5.78 million in fiscal 2026 other procurement funds, $4.49 million in fiscal 2025 shipbuilding and conversion funds, and $3.08 million in fiscal 2025 other procurement funds at the time of award. The funds will not expire at the end of the current fiscal year.

The Naval Air Systems Command awarded Lockheed Martin a $23.08 million cost-plus-fixed-fee order for engineering and technical services, depot activation support, and material lay-in to establish F-35 national air vehicle depots for foreign military sales customers. The order supports depot maintenance activation plans for Finland and Switzerland, and depot activation services and initial induction material for the Republic of Korea.

Work will be performed in Fort Worth, Texas (68%); Cheongju, Korea (17%); Emmen, Switzerland (6%); Halli, Finland (6%); Seoul, Korea (2%), and Helsinki, Finland (1%), with completion expected by December 2028. Foreign military sales customer funds in the amount of $23.08 million will be obligated at the time of award.

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