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  • Friday, November 22, 2024

Navy Awards Lockheed $481M Contract to Fund Saudi Arabia Surface Combatant Ship Materials


Lockheed Martin (NYSE: LMT) has received a $481.2 million contract from the U.S. Navy to obtain long-lead-item materials the company will need to build four multimission surface combatant ships for Saudi Arabia.

MMSC is designed to support littoral and open-ocean missions, the Defense Department said Monday.

The Naval Sea Systems Command is the contracting activity and will obligate $240.6 million in foreign military sales funds at the time of award.

NAVSEA did not conduct a competitive procurement for the contract in accordance with the terms of an agreement between the U.S. and Saudi Arabia.

Saudi Arabia finalized a $6 billion deal with the company last year to procure MMSCs and related equipment.

Lockheed will perform contract work in Massachusetts, Washington, D.C., New Jersey, Wisconsin,  Missouri, Sweden and Canada through October 2024.

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