Lockheed Martin awarded $65 million in defense contracts

Investing.com -- Lockheed Martin (NYSE: LMT) has secured two defense contracts worth approximately $65 million for naval and space systems support.

The Department of Defense announced that Lockheed Martin Rotary and Mission Systems of Moorestown, New Jersey, received a $52.9 million contract modification to provide ship integration and testing for the Aegis weapon system.

The work will be distributed across multiple locations, with 44% performed in Moorestown, New Jersey; 19% in San Diego, California; 18% in Norfolk, Virginia; 10% in Bath, Maine; and 9% in Pascagoula, Mississippi. The project is scheduled for completion by September 2026.

Funding for this naval contract comes from various Navy allocations, including shipbuilding and conversion funds from fiscal years 2016, 2019, 2020, and 2022, as well as fiscal 2025 operations and maintenance funds. The Naval Sea Systems Command in Washington, D.C. is overseeing the contract.

In a separate award, Lockheed Martin's Littleton, Colorado facility secured a $12.1 million fixed-price incentive modification for Space Based Infrared System support. This modification increases the total contract value to $1.28 billion from $1.27 billion.

The space systems work will be performed at several Colorado locations including Peterson Space Force Base, Buckley SFB, Greeley Air National Guard Station, and Boulder. The project is expected to be completed by January 31, 2026, with fiscal 2025 operations and maintenance funds being used for the award.

The Space Systems Command at Peterson SFB, Colorado, is managing this contract.

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