The Department of Defense announced 15 new defense contracts worth a combined $675.9 million Friday. Lockheed Martin (NYSE:LMT), the nation's largest pure-play defense contractor, took home three of them -- including the largest award of the day. In descending order of value, Lockheed was awarded contracts for:
- $124.5 million, as a contract modification to continue developing and producing "acoustic rapid commercial-off-the-shelf insertion (A-RCI) and common acoustics processing for Technology Insertion 12 (TI12) through Technology Insertion 14 (TI14)" for the U.S. submarine fleet. A-RCI is described as a sonar system that integrates and improves the processing of data from towed array, hull array, sphere array, and other ship sonar sensors. Lockheed's contract now runs through December 2014.
- $92.9 million, as a second-year option exercise to assist with logistics on Apache attack helicopters undergoing target designation sight/pilot's night vision sensor equipment upgrades. Work under this contract should be completed by Dec. 31, 2014.
- $24.5 million, through a new fixed-price incentive, firm-fixed-price, and cost-plus-fixed-fee contract to produce and support AN/BQS-25 low-cost conformal arrays (LCCA), which are passive planar arrays mounted on the aft submarine sails of submarines. This contract is expected to run through March 2015. However, it includes options which, if exercised, would extend its duration and increase its total value to Lockheed to nearly $92.5 million.
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