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  • Friday, November 22, 2024

Report: Saudi Arabia, Lockheed Seal $6B Deal for Modified Littoral Combat Ships

Saudi Arabia and Lockheed Martin (NYSE: LMT) have closed on a $6 billion contract for the Bethesda, Maryland-based defense contractor to deliver four modified versions of Littoral Combat Ships, Bloomberg reported Friday.

The deal for Multi-Mission Surface Combatant Ships comes as President Donald Trump heads to the Middle Eastern country as part of his eight-day foreign trip.

Sources told Bloomberg the transaction also includes electronic-warfare platforms, munitions and related support equipment.

The LCS deal is under a package of weapons sales agreements the State Department approved in October 2015.

People familiar with the arms package said Saudi Arabia is set to announce the country’s plan to buy Pac3 Patriot missiles, UH-60 helicopters and the Terminal High Altitude Area Defense system from Lockheed as well as deals for General Dynamics-built (NYSE: GD) M1A2 tanks and command-and-control infrastructure updates, the report added.

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