Lockheed Martin Wins 3 Defense Contracts Thursday (and Part of a Fourth)

Longbow LLC venture with Northrop Grumman will help to outfit Saudi Arabia's fleet of Apache attack helicopters.

Mar 13, 2014 at 9:38PM

The Department of Defense awarded 13 separate defense contracts Thursday, worth $453.2 million in total. Defense contractor Lockheed Martin (NYSE:LMT) was the big winner of the day, landing three of the contracts on offer -- and a piece of a fourth -- including:

  • An $8 million contract modification to provide the U.S. Missile Defense Agency with test support at the Aegis Ashore Missile Defense Test Complex at the Pacific Missile Range Facility in Kekaha, Hawaii. This contract modification lifts the value of Lockheed's contract to just shy of $310 million. Completion is now scheduled to occur on Dec. 31, 2015.
  • A $22.2 million contract modification exercising options on a preexisting contract to have Lockheed conduct "class service efforts and special studies, analyses and reviews" related to the U.S. Navy's Littoral Combat Ship (LCS) program. Lockheed Martin will provide engineering and design services as well as conduct affordability efforts with the aim of reducing the acquisition and lifecycle costs for Littoral Combat Ships through March 2015.
  • A $24 million indefinite-delivery/indefinite-quantity contract to train the Iraqi Air Force and handle technology transfers in accordance with security assistance agreements and/or security cooperation programs relevant to maintaining and operating C-130J transport aircraft that have been acquired by the Iraqi Air Force. This work will continue through Jan. 31, 2017.

Additionally, the Longbow LLC joint venture between Lockheed Martin and Northrop Grumman (NYSE:NOC) was awarded a $25.5 million modification on a foreign military sales contract to supply the Royal Saudi Land Forces Aviation Command with Apache attack helicopter initial spare parts, production line spare parts, and "peculiar ground support equipment," and also to perform integrated logistics support and management services. This contract will run through June 30, 2016.

Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin and Northrop Grumman. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.

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