Investing.com -- Lockheed Martin Corp. (NYSE: LMT) received two defense contracts totaling approximately $868 million from the U.S. Department of War on Wednesday.

The larger award is an $850.4 million cost-plus-incentive-fee modification to an existing contract for the TRIDENT II (D5) Life Extension 2 SSP Alteration Advanced Design and Development Program. Lockheed Martin Space in Titusville, Florida, will perform the work across multiple locations, with Denver, Colorado, accounting for 55.20% of the effort and Cape Canaveral, Florida, representing 8.06%.

Work under the TRIDENT II contract is expected to be completed by Sept. 30, 2030. The full contract value will be funded with fiscal 2026 weapons procurement funds from the Navy, with no funds expiring at the end of the current fiscal year. Strategic Systems Programs in Washington, D.C., awarded the contract on a sole source basis under 10 U.S. Code 2304(a)(1).

Separately, Lockheed Martin Aeronautics Co. in Fort Worth, Texas, received a $17.5 million modification to procure material modification kits and special test and tooling equipment for the F-35 Joint Strike Fighter program. The work supports the Air Force, Marine Corps, Navy, Foreign Military Sales, and non-U.S. Department of War participants.

The F-35 contract will be funded with a combination of fiscal 2024 and fiscal 2025 aircraft procurement funds from the Navy and Air Force, along with non-U.S. participant funds. Work is expected to be completed in December 2028. Naval Air Systems Command in Patuxent River, Maryland, is the contracting activity.