Investing.com -- Lockheed Martin Corp. (NYSE: LMT) has secured two defense contracts from the U.S. Department of War totaling approximately $761 million.

The larger contract, valued at $700.4 million, was awarded to Lockheed Martin Aeronautics Co. in Fort Worth, Texas. This modification to an existing fixed-price incentive contract will procure long lead materials, parts, and components for Lots 20 and 21 of F-35 production aircraft. The scope includes aircraft for the government of Denmark, as well as additional funding for F-35 Cooperative Program Partners and Foreign Military Customers.

Work under this contract will be distributed across multiple locations, with Fort Worth, Texas, accounting for 59% of the work, El Segundo, California, for 14%, and Warton, United Kingdom, for 9%. Additional work will take place in Cameri, Italy (4%), Orlando, Florida (4%), Nashua, New Hampshire (3%), Baltimore, Maryland (3%), San Diego, California (2%), and various locations outside the continental U.S. (2%). The work is expected to be completed by December 2030.

The contract will be funded with $305.9 million from F-35 cooperative program partner funds and $394.5 million from Foreign Military Sales customer funds, obligated at the time of award. Naval Air Systems Command in Patuxent River, Maryland, is the contracting activity.

In a separate contract, Lockheed Martin Corp. in Moorestown, New Jersey, was awarded $60.6 million for the repair of 123 components that support the SPY-1 Radar System for the Aegis Weapon System. The firm-fixed-price contract involves work to be performed entirely in Moorestown, New Jersey, with ordering expected to be completed by March 2031.

No funding will be obligated at the time of award for the radar system contract. Individual delivery orders will be funded with appropriate fiscal year working capital funds from the Navy as they are issued. Naval Supply Systems Command Weapon Systems Support in Mechanicsburg, Pennsylvania, is the contracting activity.