Pentagon Awards Lockheed Martin $699 Million to Build 2 Littoral Combat Ships

Funds will pay for construction of the seaframe, some equipment.

Mar 10, 2014 at 11:59PM

The Department of Defense awarded nine separate defense contracts Monday, worth $1.6 billion in total. The biggest winner of the day: Lockheed Martin (NYSE:LMT).

Lockheed Martin was awarded $698.9 million in funding under a contract originally awarded back in December 2010 for the construction of Navy Littoral Combat Ships, or LCSes. Today's funding announcement pays for Lockheed to perform basic seaframe construction on two LCSes, purchase select systems equipment for installation aboard the vessels, and integrate and test this equipment. This contract will run through August 2018.

File
USS Freedom. Photo: Wikimedia Commons.

Lockheed Martin's version of the LCS, as seen above in the first ship of the LCS line, USS Freedom (LCS 1), follows a traditional "monohull" warship design. Displacing 3,000 tons, the vessel measures 378 feet in length, carries a crew of from 50 to 98 sailors, and can carry up to two helicopters aboard. In addition, these LCSes are designed to carry various mission modules which can be switched out as needed to tailor the vessel to the missions it will be expected to perform on any given voyage.

Today's funding does not cover the entire cost of building Lockheed Martin's two vessels, which are expected to cost anywhere from $400 million to $800 million apiece when complete.

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.

Money to your ears - A great FREE investing resource for you

The best way to get your regular dose of market and money insights is our suite of free podcasts ... what we like to think of as “binge-worthy finance.”

Feb 1, 2016 at 5:03PM

Whether we're in the midst of earnings season or riding out the market's lulls, you want to know the best strategies for your money.

And you'll want to go beyond the hype of screaming TV personalities, fear-mongering ads, and "analysis" from people who might have your email address ... but no track record of success.

In short, you want a voice of reason you can count on.

A 2015 Business Insider article titled, "11 websites to bookmark if you want to get rich," rated The Motley Fool as the #1 place online to get smarter about investing.

And one of the easiest, most enjoyable, most valuable ways to get your regular dose of market and money insights is our suite of free podcasts ... what we like to think of as "binge-worthy finance."

Whether you make it part of your daily commute or you save up and listen to a handful of episodes for your 50-mile bike rides or long soaks in a bubble bath (or both!), the podcasts make sense of your money.

And unlike so many who want to make the subjects of personal finance and investing complicated and scary, our podcasts are clear, insightful, and (yes, it's true) fun.

Our free suite of podcasts

Motley Fool Money features a team of our analysts discussing the week's top business and investing stories, interviews, and an inside look at the stocks on our radar. The show is also heard weekly on dozens of radio stations across the country.

The hosts of Motley Fool Answers challenge the conventional wisdom on life's biggest financial issues to reveal what you really need to know to make smart money moves.

David Gardner, co-founder of The Motley Fool, is among the most respected and trusted sources on investing. And he's the host of Rule Breaker Investing, in which he shares his insights into today's most innovative and disruptive companies ... and how to profit from them.

Market Foolery is our daily look at stocks in the news, as well as the top business and investing stories.

And Industry Focus offers a deeper dive into a specific industry and the stories making headlines. Healthcare, technology, energy, consumer goods, and other industries take turns in the spotlight.

They're all informative, entertaining, and eminently listenable. Rule Breaker Investing and Answers are timeless, so it's worth going back to and listening from the very start; the other three are focused more on today's events, so listen to the most recent first.

All are available for free at www.fool.com/podcasts.

If you're looking for a friendly voice ... with great advice on how to make the most of your money ... from a business with a lengthy track record of success ... in clear, compelling language ... I encourage you to give a listen to our free podcasts.

Head to www.fool.com/podcasts, give them a spin, and you can subscribe there (at iTunes, Stitcher, or our other partners) if you want to receive them regularly.

It's money to your ears.

 


Compare Brokers