The Department of Defense announced 18 new defense contracts worth a combined $613.9 million on Friday. Of these, Lockheed Martin (NYSE: LMT) won two:

  • $169.7 million -- the largest award won by any defense contractor Friday -- went to Lockheed Martin in the form of a not-to-exceed firm-fixed-price contract funding "long lead efforts" required to prepare for the building of 18 C-130J Hercules transport aircraft. The Pentagon did not indicate whether these 18 aircraft include the eight C-130Js for which Lockheed received funding earlier in the week. Work on this new award should be complete by Oct. 31, 2016.
  • $58.8 million: in the form of a cost-plus-incentive fee, cost-plus-fixed fee contract to perform navigation subsystem engineering work on United States and United Kingdom Trident II D5 submarine-launched ballistic missiles. This contract covers engineered refueling overhauls to be performed on Ohio-class nuclear-powered ballistic missile submarines, and multiple other services to be performed, related to the submarines' weapons. Work on the contract is not expected to be complete before April 2017. As such, it seems likely that the contract's initial one-year "base" period will be extended not only by the single option-year attached to this contract, but perhaps through additional extensions as well. As far as the contract's value goes, however, the Pentagon is at this time only saying that if the single option-year is exercised, then the value of the contract will rise to $114.2 million.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.