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  • Thursday, November 21, 2024

Lockheed Unit Awarded $302M Torpedo Support Contract for US, Australian Navies

Lockheed Martin‘s (NYSE: LMT) rotary and mission systems business has received a $302.2 million undefinitized contract action to produce, deliver and engineer Mark 48 heavyweight submarine-launched torpedoes for the U.S. and Australian navies.

Sixty-one percent of contract purchases are for the U.S. Navy and the remaining 39 percent are for Australia, the Department of Defense said Friday.

The award includes work to obtain a proof of manufacture, production support materials and spares.

The company’s RMS segment will perform work at various locations in New York, Florida and Massachusetts through October 2026.

Australia is obligating $50.6 million at the time of the award. The U.S. Navy, on the other hand, will initially source a combined total of $80.8 million from fiscal 2021, 2022 and 2023 weapons procurement funds, with $32.9 million set to expire in the current budgetary year.

A development partnership between the two countries achieved initial operational capability status for the MK 48 Mod 7 torpedo, the latest version of the underwater weapon system, in 2006.

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