Lockheed Martin awarded $199.56M Navy contract modification

Lockheed Martin was awarded a $199.56M cost-plus-incentive-fee modification to a previously awarded contract to exercise options for Navy engineering design, development, and production support. Work is expected to be completed by September 2025. FY24 other procurement funds in the amount of $9.47M; FY24 research, development, test and engineering funds in the amount of $3.2M; and FY23 other procurement funds in the amount of $1.75M will be obligated at time of award and will not expire at the end of the current fiscal year. Naval Sea Systems Command is the contracting activity.