Lockheed Martin gets USD10m contract to maintain Navy torpedoes

16 April 2014

The Naval Sea Systems Command (NAVSEA) has awarded Lockheed Martin (NYSE: LMT) a contract option worth approximately USD10m to support the Navy´s intermediate-level maintenance activities for all MK-48 torpedoes.

This is the first option exercised from a contract awarded in 2013 and brings the total contract value to more than USD18m.

Lockheed Martin has provided specialized undersea weapons maintenance for the MK-48 since 2007. The Lockheed Martin team includes qualified torpedo maintenance technicians who maintain the government-furnished equipment and property according to Navy regulations. Lockheed Martin provides all infrastructure support for the intermediate maintenance activities, including quality assurance, training, audit support, pier side services and ordnance handling. The Navy provides the facility, all required parts and equipment, as well as the procedures necessary to perform the maintenance tasks.

Since torpedoes can be used multiple times for training and exercises, Lockheed Martin refurbishes these heavyweight torpedoes to ensure adequate numbers of ready-for-issue weapons are available to the Navy´s fleet commanders. Work on this contract is performed at the Navy´s facility in Pearl Harbor, Hawaii.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs approximately 115,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Its website is at www.lockheedmartin.com/NavalC4ISR

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