Defense contractor Lockheed Martin (NYSE:LMT) won a pair of Pentagon contracts Wednesday, valued at $64.1 million in aggregate.

The larger of the two contracts, a $54.3 million cost-plus-fixed-fee contract modification to a previously awarded contract, calls on Lockheed to conduct additional surface-launch risk-reduction work before executing a pair of planned flight demonstrations under the Long-Range Anti-Ship Missile, or LRASM, demonstration program. LRASM is a joint DARPA/Office of Naval Research project aimed at developing new standoff anti-ship strike weapon technologies. Lockheed should complete its risk-reduction work by Dec. 31, 2014.

The second, smaller contact is a not-to-exceed $9.8 million "undefinitized" modification to a previously awarded low-rate initial production, or LRIP, contract. Lockheed will be asked to perform advance acquisition work on the Autonomic Logistics Information Systems -- described as "the IT backbone" of the F-35 Lightning II fighter jet -- installed in LRIP "Lot 6" F-35s that Lockheed is producing, destined for the Royal Australian Air Force. Lockheed has a targeted completion date of January 2019 for this work.

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.