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  • Friday, November 22, 2024

SAIC Awarded Potential $1.1B Navy Contract to Support Mark 48 Torpedoes

Science Applications International Corp. (NYSE: SAIC) has received a potential $1.11 billion contract to provide equipment and support services for MK 48 Mod 7 torpedoes of the U.S. Navy as well as Taiwan and Australia.

SAIC will perform deliveries for the torpedo’s afterbody/tailcones and warshot fuel tank, the Department of Defense said Tuesday.

The contract holds a base value of $123.7 million and includes options that would raise the contract to its maximum potential value if fully exercised.

Eighty percent of work will take place in Bedford, Indiana, and 20 percent in Middletown, Rhode Island, through July 2025 and continue through January 2033 if all options are awarded.

Taiwan and Australia will receive deliveries under the Foreign Military Sales program, which will provide $22.5 million for the contract’s initial obligation. The Navy will use $96.9 million in fiscal 2021 weapons procurement funds to finance its own portion of the initial payment.

Naval Sea Systems Command held a competitive solicitation for the contract and gathered one proposal.

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