Investing.com - Lockheed Martin (NYSE: LMT) received a $223,943,975 contract modification from the U.S. Department of War for engineering design, development, and production support of sound navigation and ranging systems, the department announced.

The cost-plus-incentive-fee modification exercises options under a previously awarded contract (N00024-20-C-6117). The contract combines purchases for the Navy (97%) and the government of Canada (3%) through the Foreign Military Sales program.

Work will be performed in Manassas, Virginia (65%); Clearwater, Florida (32%); Syracuse, New York (2%); and Marion, Florida (1%). The work is expected to be completed by September 2027.

Fiscal 2026 other procurement (Navy) funds in the amount of $19,814,440 (51%); fiscal 2026 shipbuilding and conversion (Navy) funds in the amount of $18,300,000 (47%); and FMS (Canada) funds in the amount of $1,000,000 (3%) will be obligated at time of award. The funds will not expire at the end of the current fiscal year.

Naval Sea Systems Command, Washington, D.C., is the contracting activity. Lockheed Martin Rotary and Mission Systems is based in Manassas, Virginia.