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Investing.com -- Lockheed Martin (NYSE:LMT) Rotary and Mission Systems has been awarded a $197,477,596 contract modification by the U.S. Department of Defense for Navy sound navigation and ranging systems.
The cost-plus-incentive-fee modification extends a previously awarded contract to include engineering design, development, and production support for sonar systems.
Work on the contract will be distributed across multiple locations, with 65% performed in Manassas, Virginia; 32% in Clearwater, Florida; 2% in Syracuse, New York; and 1% in Marion, Florida. The project is scheduled for completion by September 2026.
Funding for the contract comes from multiple Navy sources. The largest portion, 62% ($5,500,000), will be drawn from fiscal 2024 shipbuilding and conversion funds. Additional funding includes $1,700,000 (19%) from fiscal 2025 research, development, test and engineering funds; $1,120,000 (12%) from fiscal 2025 other procurement funds; and $600,000 (7%) from fiscal 2024 other procurement funds.
The Naval Sea Systems Command in Washington, D.C. is managing the contract. The funds obligated at the time of award will not expire at the end of the current fiscal year.
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